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Perth’s top performing suburbs for FY2024–25 have been revealed, including the areas driving the strongest property price growth and those with the lowest days on market.
The Real Estate Institute of Western Australia (REIWA) has unveiled Perth’s top performing suburbs for the 2024–2025 financial year, with Bateman, Bicton, Gwelup and Yokine topping the charts.
According to the report, units outperformed houses for median sale price growth in the past financial year, with the median unit sale price increasing by 20 per cent to $540,000.
Meanwhile, the median house sale price increased by 16.4 per cent to $786,000.
In comparison, the 2023–24 financial year saw the median house sale price rose 20.5 per cent, while the median unit sale price increased 12.5 per cent.
REIWA president, Suzanne Brown, said the surge in demand for units was sparked by a rise in house prices over a period of time, while growth in the unit market lagged.
Brown said the house price rises prompted price-conscious buyers to look to the unit market for a more affordable alternative to houses.
“As a result, we’ve seen the rate of price growth increase and exceed the rate of growth for houses over the past few months,” Brown said.
As for the annual growth peaks in the past financial year, Perth’s median house sale price annual growth peaked at 25 per cent in December 2024.
Meanwhile, median unit sale price annual growth reached 22.9 per cent in January 2025.
The report also showed demand for property in FY2024–25 remained high, with settled sales for the financial year hanging at 48,793.
Brown said while the result is below that from the previous financial year, the figure is set to increase as more properties settle in the coming months.
Regarding the suburbs that drove house price growth in FY2024–25, Brown noted a drastic change compared to the previous year.
“Last financial year, seven of the 10 top performers for house price growth had median prices below the Perth median, highlighting the strong demand for affordable houses,” Brown said.
“This year, only two were below the median. Many of the top-performing suburbs were in the upgrader market.
“It was a similar trend for the fastest selling suburbs for houses. In 2023–24 all the suburbs in the top 10 were well below the Perth median. This financial year, the strongest demand was seen in the middle price brackets.
“The unit market recorded a similar trend.”
The report revealed Bateman recorded the highest growth in the housing market, after its median sale price rose 36.8 per cent to $1,300,000.
Meanwhile, Bicton was the best performing suburb for units, with its median sale price rising 55.6 per cent to $770,000.
When it came to the fastest selling suburbs, Gwelup took first place for houses, with properties selling in a median of seven days.
The fastest selling suburb for units was Yokine, with properties selling in a median of six days.
Brown said that in 2024–25, the median time on market overall slowed compared to 2023–24, but properties still continued to sell very quickly.
“Houses sold in a median of nine days for most of 2023–24. This increased towards the end of 2024 as more new listings came to market in October and November,” Brown said.
While the median time on market for units has historically been greater than that for houses, the increase in demand for units means they were snapped up more quickly in 2024–25.
“The growing demand for units has seen the median time to sell a unit match the median time to sell a house. Both are now selling in around two weeks,” Brown said.
“This is still very fast. During the downturn, the median time on market was around 50 days for houses and over 60 days for units,” Brown concluded.
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