Homes in low-cost suburbs are being snapped up at an astonishing rate – some going in just five days!
According to REIWA CEO Cath Hart the Perth property market performed well in 2023-24.
“The median house sale price set a new record month after month over the financial year, and is now $665,000 for the year to June 2024. This is 18.8 per cent higher than at the end of the 2022-23 financial year.”
“People are still selling, but homes are being snapped up in record time frames so the number of properties advertised at any time appears low,” she said.
Affordability is the biggest driver here and remains a focus for buyers.
The fastest selling suburb for houses was Cooloongup, where homes sold in a median of five days.
Source: REIWA
There is a strong demand for houses in suburbs with a more affordable price bracket and the selling times of these houses reflects this demand. It appears that price is important to buyers and they’re acting quickly when value is seen.
We have registered buyers waiting if you’re looking at selling! Contact our team on 9592 8188
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