Halls Head was the top performing suburb for September when it came to house price growth in Perth.
According to REIWA, the median house price in the suburb went up 3.1 per cent last month to $570,000.
This was followed by Embleton which increased 2.7 per cent to $620,000 and Hillarys 2.5 per cent to $1,080,000.
REIWA CEO Cath Hart said the month saw a number of new records.
“The median house price rose to $570,000 in September, which is 5.6 per cent higher than a year ago and 4.6 per cent higher than the previous record set in 2014-15,” she said.
“The strength of demand was highlighted in the median time to sell a property, which dropped to a record low of nine days for the month.
“This saw the number of listings on www.reiwa.com fall to 4,931 at the end of the month. This is 4.9 per cent lower than the final figures for August and 39.5 per cent lower than 12 months ago.”
Dudley Park was the fastest selling suburb in September with houses on the market for just three days.
Coodanup, Cooloongup and Secret Harbour came in at second with houses on the market for a median four days before they are sold.
“It’s interesting to see that these suburbs have a median house price below the Perth median,” Ms Hart said.
“It suggests affordability is important and buyers are acting quickly when they see value.
“These suburbs also offer rental yields between 5 and 7 per cent, which make them very attractive to investors.”
Ms Hart said while WA was one of the more affordable places in the country for both home buyers and renters, rising interest rates and rents had placed significant financial stress on households.
“The Reserve Bank of Australia’s decision to leave interest rates on hold will be welcomed by mortgage holders, but repayments on the average mortgage in WA have increased 48 per cent since rates started rising, meanwhile the median dwelling rent has increased 23 per cent.
“Supply is a significant issue facing the market and impacting affordability.
“We need to maintain a strong level of new home building starts and ensure we have a legislative environment that encourages investment to alleviate the gap between supply and demand that is driving house and rent prices to new records.”
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