Amid the subdued market conditions in 2019, some suburbs in Perth still managed to outperform, recording robust growth in sales volume and shorter days-on-market, according to the Real Estate Institute of Western Australia (REIWA).
REIWA president Damian Collins said the suburbs to watch out for this year are the ones where the number of days to sell a house is well below the Perth average.
Over the past year, the average days-on-market in the city is 84 days. Of all the suburbs in the city, Wembley reported the shortest selling days at 39 days, followed by Heathridge at 41, Wet Leederville at 43, and Carine at 44.
"Increased demand in good, quality stock is creating competition between buyers, resulting in quicker selling times and higher sale prices," Collins said.
The table below shows the top-performing suburbs in terms of average days to sell last year:
Top suburbs by average days to sell |
|
|
SUBURB |
AVERAGE DAYS TO SELL |
|
1. Wembley |
39 |
|
2. Heathridge |
41 |
|
3. Wet Leederville |
43 |
|
4. Carine |
44 |
|
5. White Gum Valley |
45 |
|
6. Nedlands |
45 |
|
7. Kingsley |
46 |
|
8. Woodvale |
46 |
|
9. Shenton Park |
47 |
|
10. Mount Claremont |
49 |
|
Overall Perth market |
84 |
Homeowners in the above-listed suburbs who are thinking of selling are well placed to secure a sale at a favourable price, Collins said.
"They should listen to the advice of their real estate agent to ensure they price their property in line with market conditions," he said.
In terms of sales volume, Lakelands reported the biggest gains, recording a 36% growth in sales volume. The overall sales volume in this suburb was 72. Of the top ten suburbs with the highest growth, Waikiki was the busiest, recording sales of 152 for the year.
The table below shows the top suburbs by sales activity growth over the past year:
Top suburbs by sales activity growth |
||
|
SUBURB |
SALES |
CHANGE IN SALES VOLUME |
|
1. Lakelands |
72 |
36% |
|
2. Mundaring |
43 |
30% |
|
3. Alfred Cove |
39 |
30% |
|
4. Manning |
73 |
28% |
|
5. Swanbourne |
52 |
27% |
|
6. The Vines |
72 |
24% |
|
7. Carine |
83 |
24% |
|
8. Waikiki |
152 |
21% |
|
9. Heathridge |
113 |
16% |
|
10. Erskine |
92 |
14% |
|
Overall Perth market |
NA |
-5% |
The suburbs above bucked the overall downtrend in sales growth across Perth.
Collins said an increase in turnover and a reduction in selling days are often a leading indicator of future price growth in a suburb.
"While sales activity in the lower-priced end of the Perth market remains soft, activity in the 600,000 plus price range has strengthened, which has created increased demand among trade-up buyers who now make up 53% of buyers, " Collins said.
