Article Author – REIWA.
According to the latest reiwa.com data, houses in Perth are selling 27 days faster in September compared to one year ago, taking a median of 28 days to sell rather than 55 days.
REIWA President Damian Collins said it is pleasing to see the established market doing well.
“While the data shows we are seeing improvements, agents on the ground have reported high levels of interest in residential property and multiple offers being put forward on some new listings,” Mr Collins said.
Why are we seeing this trend?
“In September there was a 20 per cent decrease in the number of properties for sale on reiwa.com compared to the previous year. This combined with low interest rates and a return to stronger population growth explains why we are seeing houses sell at a quicker rate.
“While the market overall is on the improve, some suburbs are going better than others, with the top 10 selling suburbs in September all selling well under Perth’s median of 28 days.”
Quickest selling suburbs
Of the top 10 selling suburbs, Subiaco and Kingsley were the quickest selling suburbs taking only 12 days, which is 16 days quicker than September 2019. This was closely followed by Rivervale which took a median of 14 days, 11 days faster than last year.
Darch and Woodvale are also experiencing faster selling times taking 14 days in September which is 18 and 37 days quicker than last year.
“With low stock levels and faster selling days, we can expect the median sale price to start increasing over the coming months. For those who are looking to sell, now might be the time to contact your local REIWA agent,” Mr Collins said.
If you’re looking to sell, find out how to get the best our of your property when selling.
Top 10 selling suburbs
Data in this table is filtered for suburbs with more than 10 house transactions during September 2019 and September 2020 in Perth.