Perth continued its winning streak in May, marking its 10th consecutive month of home value growth, according to the Real Estate Institute of Western Australia (REIWA) and CoreLogic.
During the month, the median selling price in the city rose 1.1% to $ 510,000, with 81 suburbs reporting gains. The city's values ??have so far increased by 7% since the start of the year.
Attadale became the best performing suburb after registering a 4.9% growth from the median to $ 1.25 million. Scarborough (3.8% at $ 755,000), Melville (3.6% at $ 860,000), South Lake (3.6% at $ 400,000) and Hamilton Hill (3.5% at $ 490,000) also recorded strong gains during the month.
The median time to sell a home in Perth fell to 14 days over the month, indicating that competition among buyers remained high.
“Median time to sell is still close to its lowest level in 15 years, with buyers having to act very quickly to secure a property,” said Damian Collins, president of REIWA.
It appears that more sellers are keen to take advantage of the surge in demand for housing in the city, with listings increasing 0.8%. At the end of May, there were 9,020 properties for sale in Perth.
“The May figure is also the first time we've seen any ads exceed 9,000 since November 2020,” Collins said. “With the strength of the Perth sales market, more and more people are recognizing that there are good ones to sell their homes at a competitive price, resulting in an increase in the number of properties on the market. "
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