The Perth suburbs where houses are flying off the shelf

“While the rate of price growth has slowed in the past couple of months, the underlying fundamentals remain strong,” she said.

“This includes strong population growth, with WA recording 2.8 per cent growth in the year to June 2024, low unemployment and a strong economy.

“Demand for established housing remains high, with properties still selling quickly.”

The suburbs that saw the most median house sale price growth in December were Applecross (up 4.2 per cent to $2,500,000), Parkwood (up 4 per cent to $790,000), City Beach (up 3.4 per cent to $3,000,000), Fremantle (up 3 per cent to $1,295,000) and Westminster (up 3 per cent to $623,000).

South Perth, Medina, Shoalwater, Hamersley and Coolbellup were also among the top performers, recording growth of 1.9 per cent or more over the month.

In positive news for buyers active listings for sale settled at 4,395 at the end of December, 22.6 per cent lower than November, but 20.5 per cent higher than a year ago.

Turning to the rental market, Perth led annual rent growth among the capital cities in December, but the pace of growth is slowing, according to the latest REA Group Market Insight released on Thursday.

Senior Economist Paul Ryan said Perth’s median advertised rent was flat for the December 2024 quarter but rose 8.3 per cent annually to $650 per week, marking the highest year-on-year increase among the capital cities.

“The pace of rent growth across the country is slowing, with market conditions easing for renters. Rents are now growing at their slowest pace since late 2021,” he said.

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“Brisbane and Canberra were the only two capital cities to see rents increase over the past three months, but Adelaide and Perth have seen the strongest increases in rents over the past year.”

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