Singleton records biggest house price growth in September

Singleton has recorded the largest house price growth in September.

Despite the decline in overall home values in Perth, the Real Estate Institute of WA (REIWA) has revealed Singleton recorded an increase of 3.9 per cent to $535,000. 

Ocean Reef came in at second with a 2.8 per cent increase, followed by Beckenham (2.7 per cent) and Bibra Lake (2.7 per cent).

Other suburbs to perform well were Falcon, Safety Bay, Dawesville, Bullsbrook and Melville.

“Despite the decline in overall home values, our data revealed there were a number of Perth suburbs to record strong house price growth,” REIWA President Damian Collins said.

“WA is still in an excellent position for price growth with our strong economy, growing population and limited stock levels."

Meanwhile, rental stock levels in Perth have reached their lowest in 12-years with just 1675 properties available for rent at the end of September.

The last time the levels were this low was in November 2010 with 1537 properties available for rent.  

Mr Collins said now was a challenging time for tenants, with rental supply struggling to keep up with Perth’s growing population. 

“Perth’s population has increased by 20 per cent since November 2010, which highlights how low the current rental stock is,” Mr Collins said. 

“Construction delays and labour shortages means families are renting for longer while they wait for houses to be built, which is contributing to the tight rental market. 

“We expect this pressure to ease as more new home builds reach completion, but this will take time and only free up a limited amount of stock, as some people building are living with their parents or in share housing."