Perth’s property market is still experiencing a “high level of buyer demand” with a number of suburbs selling in record time.
According to the latest data from the Real Estate Institute of Western Australia (REIWA), Heathridge, Inglewood, Kingsley and Woodvale are among the fastest selling suburbs during the past financial year, with each recording a median selling time of just seven days.
“Every suburb on this list had a median selling time of nine days or less during the 2021-22 financial year, which is exceptionally fast,” Mr Collins said.
“In a balanced market, median selling times sit between 30 and 40 days, so for these suburbs to be posting single-digit median selling times is a testament to the strength of the WA market and the high level of buyer demand being experienced across the state.”
The median selling time for the Perth market in the 2021-22 financial year was 15 days, with 18 of the top 20 fastest-selling suburbs seeing a reduction in median selling times compared to the year before.
Standout improvers on the list were Cooloongup (12 days faster) and North Perth (10 days faster).
Additionally, all 20 suburbs recorded median house sale price growth during the 2021-22 financial year.
North Perth recorded the strongest growth, with its median house sale price increasing 26.7 per cent to $1.14 million, followed by Kingsley (up 18.2 per cent to $715,000), Coolbellup (up 18 per cent to $550,000), Padbury (up 17.9 per cent to $660,000) and Shenton Park (up 17.5 per cent to $1.715 million).
“The fast median selling times recorded in these suburbs is a result of strong buyer demand,” Mr Collins said.
“When competition amongst buyers is high and properties are selling quickly, prices will inevitably rise, which is what we’ve seen in all these suburbs over the last 12 months.
“REIWA anticipates WA’s strong market conditions will last for some time, largely fuelled by the state’s strong economy, 1.2 per cent expected growth in population and the ongoing housing shortage.
“We simply don’t have enough stock to keep up with demand.
“For as long as this is the case, we will continue to see high competition amongst buyers, low median selling times and price growth in WA.”