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Properties in Perth are selling at their fastest rate in 15 years, according to new data from the Real Estate Institute of Western Australia.
The median time to sell a property in Perth in March was 17 days, the lowest it has been since 2006 and 26 days faster than in March 2020, according to REIWA.
“The turnaround time we are witnessing in the Perth property market is quite remarkable,” said REIWA President Damian Collins. “In the span of 12 months, we have seen the Perth median selling time drop from 43 days in March 2020 to just 17 days in March 2021. That is a reduction in median time of almost four weeks, or 26 days. Perth is a seller’s market at the moment, and buyers are facing a lot of competition to secure a property, which is reflected in how quickly we are seeing properties sell.”
Home prices also continued to rise. The Perth home value index rose 1.8% in March, according to data from CoreLogic.
This is the seventh month in a row the Perth home value index has increased, and it shows no signs of slowing down,” Collins said. “On a quarterly basis, the home value index is up 5% since the start of the year.”
REIWA’s own data supports the CoreLogic findings, with the Perth median sale price hitting $495,000 in March, up from $480,000 in March 2020.
There were 67 suburbs across Perth that posted an increase in median house sale price last month. The five suburbs posting the largest growth were Cottesloe (up 5.4% to $1.95 million), Como (up 4.1% to $895,000), Rockingham (up 3.8% to $410,000), Lake Coogee (up 3.5% to $587,000) and Wannanup (up 3.4% to $530,000).
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There were 8,247 properties listed for sale in Perth on reiwa.com at the end of March.
“This is up 5.1% compared to February 2021, but down 32.9% when compared to the same time last year,” Collins said. “While there are still 4,000 fewer listings for sale than there were at the end of March 2020, the increase in the number of properties for sale in March 2021 is an encouraging trend. It appears Perth property owners are increasingly recognising there is an excellent opportunity available to sell their home quickly and at a competitive price.”
Ryan Smith is currently an executive editor at Key Media, where he started as a journalist in 2013. He has since he worked his way up to managing editor and is now an executive editor. He edits content for several B2B publications across the U.S., Canada, Australia, and New Zealand. He also writes feature content for trade publications for the insurance and mortgage industries.
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