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“Units are generally more affordable than houses, which helps people get a foot on the property ladder in a rising market. That helps drive prices up.”
Homes sold quickly over the past financial year, setting a new monthly record for median selling time of eight days.
The 10 most expensive suburbs all had a median price below $550,000, with Cooloongup the fastest selling, with houses there taking a median of just five days to sell.
The median time on market for units in 2024 was nine days, a record for February. Mount Hawthorn was the fastest-selling suburb for units, with a median time on market of six days.
Overall, the Perth property market performed well in 2023-24, with preliminary house, unit and land sales for the year reaching 54,307, totalling nearly $40 billion.
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Mr Hart said while there appeared to be a shortage of homes for sale, people were still selling, but the number of properties advertised at any one time appeared to be low as homes were being snapped up in record time.
The 2023-24 rental market also saw record growth due to high demand and continued lack of supply.
Mr Hart said there were signs the rental market was beginning to moderate, with prices holding steady since March at $650 a week for houses and $600 a week for units.
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