Perth reported its shortest time to sell since 2006, with properties only staying on the market for 17 days, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
The turnaround time in Perth last month was 26 days, almost four weeks faster than during the same period last year.
“Perth is a sellers market at the moment and buyers face stiff competition for property, which is reflected in the speed with which we are seeing properties sell,” said Collins.
This strong demand for housing is already reflected in the growth in the value of housing. In fact, median prices in Perth rose 1.8% in March to settle at $ 495,000.
"This is the seventh consecutive month that the Perth Home Value Index has risen and it shows no signs of slowing down. On a quarterly basis, the Home Value Index is up 5% year-to-date, "Collins said.
There were 67 suburbs in Perth that recorded an increase in the median home selling price during the month. Cottesloe emerged as the top performer after posting a 5.4% gain to $ 1.95 million. Como came in second, growing 4.1% to $ 895,000. Rockingham ($ 410,000), Lake Coogee ($ 587,000) and Wannanup ($ 530,000) also recorded gains of up to 3.8%.
As listings increased on a monthly basis, the housing supply in the city remained lower than last year. The number of registrations on reiwa.com was 8,247, down 32.9% from the same month last year.
“While there are still 4,000 fewer listings for sale than at the end of March 2020, the increase in the number of properties for sale in March 2021 is an encouraging trend. that Perth homeowners increasingly recognize that there is an excellent opportunity available to sell their home quickly and competitively, "Collins said.
Top suburbs:
mt colah
,
Newcastle
,
Marrickville
,
balga
,
The Pelvis
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