Perth is approximately 6,148 square kilometres and is Australia’s fourth most populous city. Perth experiences steady population growth at around 1.5% per annum and, as of 2019, had a population of just over 2 million.
The predominant age group in Perth is 25-34 years. Households are primarily childless couples and likely to be repaying between $1800-$2400 per month on mortgage repayments. In 2006, 38.1% of the homes in Perth were owner-occupied compared with 36.8% in 2011 (source: Australian Bureau of Statistics).
To sell a property in Perth via a traditional agent you can expect to pay an average of 2.3-2.7% plus GST. Suburbs closer to the CBD show a lower average for commissions, on occasion falling below 2%. The more regional your property, the more you can expect to pay on commission.
If you sell with a traditional agent, you’ll also generally pay additional advertising fees on top of the commission, which can increase your total cost significantly. For example, in a competitive suburb, the top upgrade available on realestate.com.au may be several thousand dollars.
Dwelling values in Perth, as in all other capital cities, are surging in 2021. As of June 2021, dwelling values, have grown 8.5% over the last 12 months but dropped 0.4% over the past decade. The median dwelling price in Perth is sitting at $521,688, with median house values at $545,620 and median unit values at $392, 321, higher than in previous years.
It’s good news for investors, with average weekly rents rising to $450 for houses and $400 for units. Gross rental yields are also slowly climbing from previous years, up 4.3% for houses and 5.3% for units.
The average number of days on the market for sale properties is now just 17 days, compared to 49 days in 2020.
CoreLogic property data shows Perth property is holding its ground quite well during the coronavirus pandemic. In fact during the height of the pandemic in April 2020, Perth property prices experienced 0.2% growth, outperforming both Melbourne and Hobart in the capital city stakes.
It showed a confident 1% growth across the first quarter of 2020 too, boasting some resilience to weaker conditions, and giving buyers and sellers confidence as the market returns to normal. Some experts are even predicting the Perth property market may experience gains of up to 15% over the next few years.
We have a number of clients use our services in Perth and greater WA. Given Perth’s market conditions, not paying a hefty agent’s commission gives you a significant advantage because you’ve got more room to move on the sale price.
You can also rest easy knowing enquiries are responded to as quickly as possible and properly followed up.
If you’re not sure how to price your property, we can provide you with a detailed breakdown of sale statistics for Perth, as well as an estimated value of your own property.
PropertyNow markets properties and supports owners to sell privately nationwide. We also maintain extended hours to account for the time difference between the eastern and western states.
Gael sold her property in Chittering PropertyNow’s help. “Was the best way to sell. Very easy to make the ad. Took two months to sell,” she says.
Malcolm leased his Perth property privately thanks to PropertyNow. He said, “It was a really good experience and have recommended it to a friend to lease a property. Thanks.”
Please contact us if you require more recent information or advice about leasing or selling a property in Perth yourself.