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WA Property Market Update November 2024
As 2024 rolls into its final stages, those still navigating the WA property market can benefit from the latest information and insights, with November and the months leading up to it bringing significant developments, influencing decisions for buyers, sellers, and renters alike. This update covers the latest trends in residential sales and rental data, offering a snapshot of the WA property landscape.
WA Property Market Update November 2024 – Residential Sales
The WA residential sales market showcased mixed trends this month. A total of 998 properties were sold, comprising 733 houses, 207 units, and 58 land parcels. Listings for sale also increased to 3,692 houses, 1,353 units, and 607 parcels of land, reflecting heightened activity.
Median prices highlighted steady growth. Houses now command a median price of $722,000, with 4-bedroom homes reaching $788,000. Units sit at $480,000, while land prices range from $265,000 for smaller lots to $483,000 for larger ones. Sales remain swift, with properties taking an average of 11 days to sell, despite the noticeable rise in listing numbers compared to previous quarters.
Top-selling suburbs underscored a regional divide. In Perth’s north, Perth CBD (16 sales), Morley (12), and Maylands (10) led the way, while the south saw strong performances from Baldivis (16) and Byford (14). Outside the metro area, Broome led regional centres with an impressive 38.5% growth in median house prices over the past year, followed closely by Port Denison (36.8%) and Geographe (36.1%).
WA Property Market Update November 2024 – Rental Data
The rental market maintained its stability, albeit with some fluctuations in availability and demand. Over the past week, 644 properties were rented, including 431 houses and 213 units. Median rental prices reflect high demand, with houses averaging $650 per week and units at $612 per week. Larger homes, particularly 4-bedroom houses, command premiums of $700 per week.
Rental availability remained tight, with 1,567 houses and 668 units listed for lease. Popular rental suburbs mirrored sales trends, with Perth (19 rentals), East Perth (15), and Subiaco (13) topping the list north of the river, while Baldivis (14) and Byford (14) dominated in the south.
Encouragingly, rental stability persists, with properties leasing within an average of 16 days. Despite rising property values, consistent rental activity continues to reflect a balanced market.
Looking Ahead
The WA property market in November 2024 paints a vibrant yet complex picture. Whether you’re buying, selling, or renting, understanding these trends is crucial to making informed decisions. For personalised guidance on navigating this dynamic market, contact McKinley Plowman’s finance team at (08) 9301 2200 or (08) 9325 2411, or visit our website.
Data From: REIWA WA Market Insights
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.
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