November was a busy month for property sellers in Perth as sales posted strong monthly and annual gains.
Figures from the Real Estate Institute of Western Australia (REIWA) show 1,048 sales during the month, an increase of 9% from October and a gain of 24% from the same period. 39; last year.
REIWA President Damian Collins said this was the fourth consecutive month of increased sales for Perth.
"It was another month of strong sales in Perth, with REIWA members in the field reporting strong sales figures across all price points," he said.
“The Perth residential sales market is in a very good position to continue to grow as we exit 2021 and enter 2022.”
Hamilton Hill, North Perth, Karrinyup, Greenfields and Shoalwater were the top five performing suburbs for the month, posting the biggest gains in sales activity.
Modest monthly price gain
Despite the busy housing market, the median home value in Perth only increased by 0.2% during the month.
However, annual figures show growth of 14% to $ 520,000.
"While overall price growth is modest, the data at the suburb level tells a very different story with 90 suburbs recording price growth during the month," Collins said.
Willagee is the suburb with the strongest monthly growth in median prices, up 4% to $ 625,000.
Other suburbs also posted robust gains in the month, including Golden Bay (up 3.8% to $ 395,000), Kingsley (up 3% to $ 655,000), Spearwood (up 2.9% to $ 525,000) and East Victoria Park (up 2.9% to $ 700,000).
Constant increase in registrations
Perhaps one factor that impacted monthly price growth was the 7% increase in listings – during the month 9,271 properties were listed on Reiwa.com.
"As is often the case at this time of year, we saw a steady increase throughout the spring in the number of properties for sale in Perth, with sellers looking to capitalize on opportunities. good market conditions, ”said Collins.
Despite the increase in listings, the time to list a property has increased to 14 days, one day faster than October and seven days faster than in November of last year.
"It's exceptionally fast and it shows that buyers need to move quickly in this market and come up with competitive offers to make sure they don't miss out on a property," Collins said. .
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Photo by Harry Cunningham on Unsplash.
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