Several Perth suburbs managed to go against the overall market slowdown in the capital city and across Australia.
CoreLogic figures show a 0.2% decline in the value of residential properties in Perth, with the median value hitting $561,781 over the past month.
Real Estate Institute of Western Australia (REIWA) president Damian Collins said the minor dip in Perth reflects the impacts of the interest-rate hikes.
“At a suburb level, reiwa.com data reflects feedback from REIWA agents who continue to report fierce competition for properties and good outcomes for sellers on the ground — this is evidenced by the 56 suburbs that saw median house sale price growth during the month,” he said.
Of the 56 suburbs, here are the five standouts that reported the biggest upside in dwelling prices:
- Maida Vale (up 3.1% to $593,750)
- Cooloongup (up 2.6% to $370,000)
- Hillarys (up 2.5% to $1.005 million)
- Southern River (up 2.2% to $625,000)
- Orelia (up 1.9% to $327,500)
Other suburbs that also performed well during the month were Stirling, Seville Grove, Woodvale, Yanchep, and Girrawheen.
Homebuyers in Perth were snapping up properties quickly in the month, despite the days-on-market increasing by one day to 17 days from the same month last year.
Some of the fastest-selling suburbs in Perth include Orelia (six days), Greenfields (seven days), Merriwa (seven days), Parmelia (seven days), and Cooloongup (eight days).
Mr Collins said demand remained high amid the low listings level across Perth — over the month, listings were down 1.8%.
“The housing shortage that has gripped the state for the last couple of years continues to affect the residential sales market and is a key factor behind the strong competition buyers are experiencing,” he said
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