Homes in Perth sold faster last month compared to the same period last year, according to data from the Real Estate Institute of Western Australia (REIWA).
According to the REIWA, houses in Perth sold 27 days faster in September compared to one year ago, taking a median of 28 days to sell compared to 55 days.
Damian Collins, president of REIWA, said it is “pleasing to see the established market doing well.”
“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,” said Collins.
“In September there was a 20% 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.”
According to Collins, while the market overall is improving, 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.”
Of the top 10 selling suburbs, Subiaco and Kingsley were the quickest selling suburbs, taking only 12 days – 16 days quicker than September 2019. This was closely followed by Rivervale which took a median of 14 days, or 11 days faster than last year.
“With low stock levels and faster selling days, we can expect the median sale price to start increasing over the coming months. For those who are looking to sell, now might be the time to contact your local REIWA agent,” Collins said.
