Perth property: Homes getting snapped up within 13 days in March, second-fastest period on record

Homes were snapped up in under a week in several Perth suburbs in March.

Properties in Greenfields sold in a median of five days, with Cooloongup, Beechboro, Huntingdale, Leeming, Merriwa, Piara Waters, Port Kennedy and Waikiki recording six days.

Seven more suburbs recorded a median seven days on market.

“March is usually a strong month for sales and, despite 10 consecutive interest rate rises, 2023 was no exception with properties changing hands very quickly,” REIWA CEO Cath Hart said.

“Buyer interest remains high, with good attendance at home opens and many properties receiving multiple offers – some even before an inspection.

“And sales figures exceeded 1,000 two different weeks in March. They have only done this three times so far this year.”

Speedy sales weren’t limited to the above suburbs, with the median time on market for the whole of Perth just 13 days.

“The fastest median time to sell in the past 23 years was 12 days in March 2021,” Ms Hart said.

“Including March 2023, there have only been four months that recorded a median of 13 days, so it’s a very active market at the moment.

“Well-presented and well-priced properties continue to attract a lot of interest.

“Potential buyers should make sure they have their finances in order so they are ready to make an offer when they see a property they like.

“I’d also recommend signing up for property alerts on www.reiwa.com so they don’t miss new listings, and registering their interest with local agents. There are properties that don’t officially come to market, sometimes known as silent listings, where agents contact potential buyers on their database rather than advertise.”

Ms Hart said buyers may have more time to make a purchase in April, when days on market traditionally increase due to the number of public holidays and school holidays.

CoreLogic home value index

Perth continues to hold firm in the face of interest rate rises, with CoreLogic’s Perth home value index increasing 0.5 per cent in March, and up 1.9 per cent over the year.

Several suburbs recorded strong price growth during the month.

According to www.reiwa.com, the top performing suburbs for house price growth in March were Sorrento (up 4.7 per cent to $1,362,500), Dayton (up 2.6 per cent to $492,500), Yokine (up 2.1 per cent to $715,000), Madora Bay (up 2.0 per cent to $650,000) and Wanneroo (up 1.8 per cent to $499,000).

Armadale, Maddington, Kallaroo, Bertram and Eglinton also recorded moderate growth.

“While growth is still occurring, it’s moderate, which is good news for both buyers and sellers,” Ms Hart said.

“It means housing remains affordable for those looking to buy, while sellers are seeing the value of their property maintained.” 

Listings for sale

There were 7,224 properties for sale on reiwa.com at the end of March. This is a 2.1 per cent increase on February, but 7.3 per cent lower than the same time last year. 

“Seller confidence remains positive, with people still bringing properties to market in March at reasonable levels,” Ms Hart said.

“It might look like there is a property shortage, but in reality it is the speed of sales that is limiting the number of properties available for sale at any one time.”

www.reiwa.com weekly data showed property listings have remained below 8,000 and close to 7,000 since December 25.

Perth rental market

Median rent price

Perth’s median rent price was $550 per week for March. This was $20 higher than February (up 3.8 per cent) and $90 or 19.6 per cent higher than March 2022.

“The shortage of rental properties and growing demand means rent prices are continuing to rise,” Ms Hart said.

“These factors will maintain the pressure on the market, and more increases are expected.”

According to reiwa.com, the suburbs that saw the most rent price growth were were Inglewood (up 44 per cent to $620 per week), Mosman Park (up 43 per cent to $600), Wembley (up 29 per cent to $550), Mount Lawley (up 29 per cent to $580), and North Coogee (up 27 per cent to $700).

Listings for rent

There were 1,956 properties for rent on www.reiwa.com at the end of March, a welcome increase on the 1,747 at the end of February, but still 17.4 per cent lower than the same time last year.

Median leasing times

It took a median of 14 days to lease a rental during March, unchanged from February and two days faster than March 2022.

www.reiwa.com data showed the suburbs recording the fastest median leasing times were Palmyra, Aveley, Clarkson, Innaloo, Thornlie and Wilson (nine days) and Tuart Hill, Balcatta, Crawley and East Fremantle (10 days).

Original article: https://reiwa.com.au/news/blink-and-you-ll-miss-it-homes-sold-quickly-in-march/