Western Australia stands out for property price growth surpassing national averages. Perth has become Australia's fifth most expensive housing market, with a median house price of $821,093 reflecting a 3.6 per cent monthly increase and a remarkable 26.7 per cent annual growth. Perth has seen the lowest recorded days on market since January 2014 with the average days on market currently 8 days. The number of Perth sellers discounting their houses is at the lowest level in the past 20 years according to REIWA data. So far this year, just 12.6 per cent of houses sold for less than the listed price. This is significantly lower than the rates of discounting in the previous boom when 44.3 per cent and 46.3 per cent of houses were sold for less than their listed price in 2013 and 2014, respectively. Looking forward, the ongoing imbalance between housing supply and demand continues to drive price increases. Despite potential interest rate hikes due to inflation it is predicted that Perth's property market will continue to surge, putting potential vendors in a strong position for the rest of 2024. MARKET TALK Price growth - Houses Perth median selling days
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