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WA Property Market Update February 2025

Avid readers of our WA Property Market Updates will know that Western Australia’s property market has grown significantly over the past few years, and as we close out February 2025, the landscape is well and truly continuing in that vein. This is especially relevant when we compare trends with other capital cities across the nation and compare Perth’s standing in a broader Australian context. Backed by Corelogic’s 2024 Market Trends report and the most recent REIWA insights for February 2025, this update will include an update on how Western Australia’s property landscape is evolving, and how we’re placed relative to other regions from a median house price perspective. Whether you are a homeowner, investor, or simply keen to understand market movements, we’re sure you will find value in our data-driven analysis. Here we go…

WA & Perth Property in a Nationwide Context

When we compare Perth’s performance with that of Australia’s other major cities, the contrasts are striking. Sydney’s median house price of $1,188,912, which saw a 4.5% annual increase in 2024, and Melbourne’s $776,949 median price – a 3.0% decline in the same period – set the stage for diverse regional market dynamics. Brisbane, for example, experienced an impressive 12.1% surge to a median house price of $886,540, while Adelaide recorded a 5.3% increase at $813,716. Hobart’s market, although experiencing a 2.06% decrease to $645,000, and Canberra’s almost static 0.1% decline at $851,731, further highlight the variability across capital cities.

In stark contrast, Perth emerged as the clear growth capital with a median house price of $808,090 at the end of 2024, following an extraordinary 21.0% annual increase, which not only underlines its resilience but also its growing appeal among buyers and investors. This surge comes against a backdrop where, despite a slight overall Australian decline of 0.17% in December 2024, home prices remained 4.73% higher than the previous year, and the peak spring selling season even saw a record high 5.85% annual increase across the capitals. Such figures underscore that while national trends may show mixed signals, Perth’s market trajectory remains strong, offering stability and opportunity for those looking to capitalise on a flourishing property scene.

WA Residential Property Market Update February 2025

The most recent REIWA property market insights paint a compelling picture of WA’s residential sector as of February 2025. During the week ending 23 February 2025, the number of residential property sales comprised 645 houses, 222 units, and 73 land transactions. Weekly comparisons indicate that while current figures are slightly below the previous week’s total of 940 transactions, they are still closely aligned with last year’s 972, suggesting the market is maintaining its momentum. Alongside sales, the volume of properties listed for sale remains robust, with 3,197 houses, 1,227 units, and 664 land listings currently on the market – a notable increase compared to four weeks ago. Median price data, last updated on 25 February 2025 and covering a 12‐month transaction period ending January 2025, provides further insights: the median sale price for houses stands at $750,000, with variations by bedroom count – a two-bedroom fetching around $720,000, three-bedroom properties at approximately $680,000, and four-bedroom homes commanding $820,000. Units are similarly priced with a median of $505,000, and land transactions offer a median of $319,000, reflecting a range of property types available at different price points. Top selling suburbs in the northern corridor were East Perth, Perth, Dianella, and Scarborough, while suburbs such as Como, Gosnells, Baldivis, and Thornlie lead the way south of the river. This data paints the market a dynamic and diverse, with investors in particular finding plenty to be optimistic about.

WA Rental Property Market Update February 2025

Turning our attention to the rental market, February 2025 continues to deliver resilience, with data indicating healthy demand and steady rental yields across Western Australia. The median rental rate for houses currently stands at $675 per week, while in the unit sector, the median rental price is slightly lower at $640 per week. This varied pricing structure reflects the diverse needs of WA’s tenant demographic and the competitive nature of the rental market, with vacancy rates and listings still historically low. The steady demand across both houses and units suggests that the rental market in WA is well-positioned to support continued growth, even as shifts in buyer sentiment influence the broader residential property landscape.

Looking Ahead…

In summary, the WA property market continues to demonstrate robust performance in both residential sales and rental segments, standing out in a nationwide context with significant value growth. Perth’s impressive 21.0% annual increase in median house price, coupled with a steady stream of property listings and transactions, reaffirms its position as a desirable location for investors and homebuyers. Sales and rental markets are navigating a period of growth and change, so opportunities abound for those seeking quality investments and secure rental yields.

At McKinley Plowman, our finance team are ready to assist you in capitalising on these market trends by helping you secure the best finance options for your needs, or refinancing your existing loans. Please do not hesitate to reach out to us 08 9301 2200 (Joondalup) or 08 9325 2411 (Perth), or via our website.

Data From: REIWA Market Insights; CoreLogic Market Trends Report

written by:

Paul Moran

Paul has over 35 years of experience in finding financial solutions for homebuyers, investors and business owners.
A licensed broker and member of the Mortgage & Finance Association of Australia (MFAA), Paul’s extensive experience includes 20 years with a major bank, seven of which were as commercial banking manager.
Paul delivers a holistic financial solutions to achieve the best possible outcome for a client’s personal or commercial lending needs. Paul also provides a comprehensive financial consultancy to business owners on commercial, equipment and invoice finance.