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“While price is often a factor, they may also favour offers that allow for longer settlement time or leaseback periods; or cash offers.”
As of the end of June, there were 3,265 homes for sale, slightly lower than in May and down nearly 40% from the same period last year.
Mr Hart said while people thought there were no homes for sale, data showed more properties were listed in the first six months of 2024 than in the same period last year. However, those properties sold almost immediately.
The median home sale price reached a record high of $660,000, up 1.5% from $650,000 in May and up 17.9% from June 2023.
The average sale price for a condo also rose 1.3% to $440,500 during the month, and was up 10% year-over-year.
Ray White Group senior data analyst Atom Go Tian said as house prices in the west continued to rise, more suburbs were expected to join the million-dollar club, including Yokine, Coolbinia, Menora and Serpentine-Jarrahdale.
As of May 2024, there are 857 suburbs across Australia where the average house price is at least $1 million.
“Perth has the third lowest number of million-dollar suburbs of the major cities, with 46, compared to Sydney’s 300, Melbourne’s 169, Brisbane’s 110 and Canberra’s 70,” he said.
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“Nevertheless, this number has doubled compared to pre-pandemic levels (21 suburbs in 2020), with a further 16 suburbs added to the list in the past 12 months.”
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