As yesterday’s ANZ/Property Council survey showed, Western Australia’s property industry is the most positive in the country, and with very good reason.
According to the latest data from the Real Estate Institute of Western Australia, houses in Perth are selling twice as quickly as they were this time last year.
In September, houses took a median of 28 days to sell – 27 days faster than the 55 days it took in September, 2019.
“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,” REIWA President Damian Collins said.
“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.”
With faster selling days, coupled with lower stock than usual, Mr Collins expects the median sale price to start increasing over the coming months.
“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.”
Properties in the fastest selling suburbs, Subiaco and Kingsley, are only taking 12 days to sell, compared to 28 days in September, 2019.