Properties in Perth are selling at the fastest rate in 15 years, new Real Estate Institute of Western Australia data shows.
The median time it took to sell a property in Perth last month was 17 days, the lowest it has been since 2006.
REIWA President Damian Collins said properties in Perth were selling 26 days faster than they were in March 2020.
“The turnaround we are witnessing in the Perth property market is quite remarkable,” Mr Collins said.
“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.”
According to reiwa.com data, Perth’s median house sale price for March 2021 was $495,000, up from $480,000 in the same month last year.
“There were 67 suburbs across Perth that recorded an increase in median house sale price during March,” Mr Collins said.
“The five suburbs with the biggest growth were Cottesloe, (where values rose 5.4 per cent to $1.95 million), Como (up 4.1 per cent to $895,000), Rockingham (up 3.8 per cent to $410,000), Lake Coogee (up 3.5 per cent to $587,500) and Wannanup (up 3.4 per cent to $530,000).”
Yangebup, Duncraig, Claremont, Ballajura and Dudley Park were among other suburbs that achieved record median sale price growth in March.
There were 8247 properties for sale in Perth on reiwa.com at the end of March, which was an increase of 5.1 per cent on the number of properties for sale in February, but down 32.9 per cent compared to the same period the year prior.
“While there are still 4000 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,” Mr Collins said.
“It appears Perth property owners are increasingly recognising there is excellent opportunity available to sell their home quickly and at a competitive price.”
Leasing activity in the WA capital is also on the rise, with data showing a 15.6 per cent increase in March, which Mr Collins attributed to tenants and property owners making preparations for the end of the rental moratorium.
“Despite this, leasing levels are still down 18.8 per cent compared to this time last year due to the rental shortage the state is experiencing,” he said.
Perth’s median rent price remained steady at $400 a week for the third month in a row in March.
“While the Perth median rent has increased $40 per week over the last year, it is still $50 lower than it was in 2014 and Perth remains the most affordable place for tenants in the country,” Mr Collins said.
The median time to lease a rental in Perth during March was 19 days, which is the same amount of time it took in February and nine days faster than a year ago.
“The last time rentals were leased this fast was in June 2013,” Mr Collins said.
There were 2722 properties listed for rent in Perth on reiwa.com at the end of March, which marks the seventh consecutive month rental listings have been below 3000.
“Perth desperately needs an influx of available rental stock,” Mr Collins said.
“Now that the rental moratorium is over, we should start to see more properties come to market in the coming months.”
Mr Collins also renewed calls to incentivise property investment in the state, which he said would help meet the demand for rental housing.
