RESIDENTIAL PROPERTY

Perth homes selling like hot cakes

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THE latest data shows that houses in Perth are selling 27 days faster in September, compared to the same time last year.

According to the data from REIWA, houses in September of 2020 are selling at a median of 28 days in place of the 55 days of 2019.

Compared to the previous year “in September there was a 20% decrease in the number of properties for sale” said Damian Collins, president at REIWA. “This combined with low interest rates and a return to stronger population growth explains why we are seeing houses sell at a quicker rate.”

Figures showed that of the top 10 selling suburbs in September were all well under Perth’s typical median of 28 days, with Subiaco and Kingsley taking only 12 days, which is 16 days quicker than in the same month of 2019 and the fastest selling.

At 18 and 37 days ahead of last year respectively, Darch and Woodvale took only 14 days and with the largest difference of 57 days faster, Swan View, which had a median selling time of 72 days in September of 2019, took just 15 days this year.

“With low stock levels and faster selling days, we can expect the median sale price to start increasing over the coming months.” Collins said.

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