The median house price in Perth crossed the $ 500,000 mark in April for the first time since December 2018 as it continues its growth trend, according to the latest report from the Real Estate Institute of Western Australia (REIWA) and CoreLogic.
The Perth Home Value Index rose 0.8% during the month, reaching $ 508,000. This is the ninth consecutive month of price hikes for the city, according to CoreLogic data.
"The Perth real estate market continued its strong rally in April. This is a testament to the strength of our local market which, even with the Easter and Anzac holidays, as well as another stall over the month, as prices continue to rise, "said Damian Collins, president of REIWA.
The Perth Home Value Index has been improving since August 2020. So far, prices have already risen by 5.9%.
Bullsbrook grew as the suburb with the strongest growth in real estate prices at 7.8% to $ 352,500. Bicton followed with a gain of 6.6% to $ 1.14 million.
During the month, the number of properties listed increased 5.8% to 8,742.
"It is clear that the current real estate market conditions are starting to attract more sellers to the market, which is helping to meet demand and providing buyers with more choice," said Collins.
Another factor indicating a busy market was the shorter selling days. The median time to sell a house in Perth is now less than two weeks, dropping to 13 days.
"Although there are more properties available for sale, the appetite of buyers is still very strong and sellers continue to enjoy the fastest time to sell in over 15 years" , Collins said.
Top suburbs:
emerald
,
Wentworthville
,
lockridge
,
woolloongabba
,
Westbrook
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