Perth home buyers strife continues with median | Australian Markets

The hike in home costs for Perth is exhibiting no indicators of slowing down because the median costs elevated again in May.

According to the Real Estate Institute of WA (REIWA) the median home costs for Perth elevated by 0.6 per cent final month, taking it up to $780,000 — 18 per cent greater than what it was this time final 12 months.

Units median costs are getting hit laborious as effectively, rising 1.9 per cent over the identical period to $535,000 — 21 per cent greater than 2024.

REIWA president Suzanne Brown mentioned the continued growth has been a end result of client confidence and the healthy property market.

“Population growth, while declining slightly, is still strong, which fuels demand for housing,” she mentioned.

“The WA economy remains strong and unemployment is low. Despite headwinds in some areas of the resources sector… the industry has recorded eight consecutive calendar years of employment growth.

“There has been a strong focus on diversifying the economy from the State Government, and our growing population has led to more roles in sectors like health care and education, which is likely to continue.”

Maylands was the Perth suburb that noticed the best growth over May, growing by 2.9 per cent to a median price of $936,000.

The different suburbs that noticed a hike up to now month had been Bedford with a 2.1 per cent increase ($1m), Wannanup by 1.9 per cent ($818,000), Pinjarra up 1.8 per cent ($560,000) and Southern River by 1.7 per cent ($900,000).

For a second month in a row, the median weekly rent for homes remained steady at $680 — nonetheless up 4.6 per cent from final 12 months — however continues the stabilisation that renters shall be relived to see.