According to the Real Estate Institute of Western Australia (REIWA), homebuyers and investors have shown a strong appetite for units in Western Australia, with the unit market seeing a 58% increase in sales over the course of of the first quarter of the year.
Damian Collins, president of REIWA, said annual unit sales growth outpaced home sales growth in the quarter, with the latter only increasing 35%.
“Unit sales are the highest since 2013. Several factors are contributing to this. With the shortage of homes for sale, more and more people are seeing a unit as a place to live. investors are coming back to the market and many prefer to buy units, ”he said.
Median unit selling time fell to 32 days in the quarter, 25 days faster than last year.
"While units are being purchased faster than a year ago, the median unit selling time for the three months through March 2021 is still 17 days longer than the time to 15-day median home sale, ”Collins said. .
The affordability of Perth units has been a major driver of demand. During the quarter, the median unit price of homes in the city was $ 381,750, almost $ 120,000 lower than the median house price of $ 499,000.
"While the median house price in Perth has increased 4% over the past year, the median unit price has only increased by 0.5%," said Collins.
Top suburbs:
Whyalla
,
Springwood
,
Bligh park
,
Scarborough
,
mt lawley
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