The period of growth the Mandurah property market is currently experiencing is showing no signs of slowing down, as recent data shows a 0.3% increase in Perth home values during February.
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Meadow Springs was among the Perth suburbs to record the biggest median house sale price growth during February, up 2% to $430,000. Dawesville also made the list, along with Mount Nasura, Nedlands, Hammond Park and Hamersley.
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Despite this growth, Perth still has the most affordable median house sale price, $525,000 in February, of any capital city in the country.
REIWA president Damian Collins said the Perth property market was on track for another solid year of price growth.
"We don't anticipate the demand for property changing any time soon, especially with borders set to open this week," Mr Collins said.
"In Sydney and Melbourne, their median house sale prices sit above $1 million pushing the dream of home ownership out of reach for many people. We are lucky that owning your own home is still attainable for most people in Perth.
"With interstate and overseas migration expected to increase considerably once borders open, we anticipate competition among buyers will intensify which will put downward pressure on listing stock," Mr Collins said.
The Perth rental market remains stable compared to January, with median rent price at $450 per week for the past month.
"This is the third month in a row median rent prices have held at $450 per week. It should reassure tenants that even though demand for rentals is strong, rent prices are not growing at unsustainable levels," Mr Collins said.
The suburbs to record the biggest increase in median rent during February were Yokine (up $15 to $475 per week), Rockingham (up $10 to $390 per week), Scarborough (up $15 to $595 per week), Ellenbrook (up $10 to $420 per week) and Yanchep (up $10 to $450 per week).
"With borders opening this week we are likely to see increased competition for rentals from interstate and overseas arrivals who are competing with locals for accommodation.
"This will exacerbate the rental shortage in the short term but is a necessary step towards increasing investment in the state, attracting skilled workers to help complete construction and bringing balance back to the market," Mr Collins said.
