Perth's median house price broke the $500,000 mark in April for the first time since December 2018 as it maintains its growth trend, according to the latest report from the Real Estate Institute of Western Australia (REIWA) and CoreLogic.
Perth's home value index increased by 0.8% over the month, hitting $508,000. This marks the ninth consecutive month of price gains for the city, according to CoreLogic data.
"The Perth property market continued its strong recovery in April. It's a testament to the strength of our local market that even with the Easter and Anzac public holidays, as well as another lockdown during the month, that prices continue to rise," said Damian Collins, president of REIWA.
Perth's home value index has been improving since August 2020. Over the year so far, prices have already increased by 5.9%.
Bullsbrook rose as the suburb with the strongest growth in house prices at 7.8% to $352,500. Bicton followed with a 6.6% gain to $1.14m.
Over the month, the number of properties listed for sale increased by 5.8% to 8,742.
"It’s clear that the current property market conditions are starting to entice more sellers to the market, which is helping to keep up with demand and provide buyers with more choice,” Collins said.
Another factor indicating a busy market was the shorter selling days. The median time to sell a home in Perth is now less than two weeks, dropping to 13 days.
"Despite there being more properties available for sale, buyer appetite is still very strong and sellers continue to enjoy the quickest turn around in sale times that they have in more than 15 years,” Collins said.