Nerida Consibee: why Perth properties sell in just 11 days

Time on market is plunging in Perth.

The average time on market is now just 11 days, which is the lowest level recorded for the city and the lowest in the country.

Meanwhile, Hobart has gone from our quickest selling during the previous market peak to now being one of the slowest selling markets. 

Time on market is still significantly higher in most cities compared to two years ago when the market hit its last peak in pricing following the end of the pandemic.

In January 2022, the average home sold within 22 days. It is now 30 days.

The only two cities where it has declined have been Perth (16 days to 11 days) and Adelaide (34 days to 32 days). 

The key trend however is affordability. Both Perth and Adelaide have the lowest capital city medians.

At a suburb level, low cost housing is generally selling the quickest. 

By suburb, Perth continues to dominate.

Of the top 100 quickest selling suburbs in Australia, 84 of them are in Perth.

Topping the list are Seville Grove, 30kms south-east of Perth and Cooloongup, 40kms south of Perth.

Both are very affordable with medians under $500,000. 

Affordability is a key to quick selling.

Almost all of the quickest selling suburbs had a median under $750,000 (86 of the 100).

The most expensive of the top 100 quickest selling was the Perth suburb of Mount Claremont, which has a median price of $1.78 million. 

At a capital city level, it is also apparent that anything that is below the city median is selling a lot quicker. 

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Nerida Conisbee

Nerida Conisbee is the Chief Economist at Ray White.