Perth Listings For Sale Drop To 10 Year Low

Perth for sale listings dropped to a 10 year low in February, with just 7899 properties listed on Reiwa at the end of the month. Reiwa President Damian Collins said this was the seventh consecutive month listings for sale had declined in Perth. We've seen an extraordinary decline in listing volumes in a relatively short amount of time. In the span of a year, listings have dropped 36.5 per cent to now sit below 8000 for the first time in about a decade. Buyers are very active in the market and soaking up stock at a rapid rate.

Reiwa data shows the median sale price in Perth in February was $490,000. There were 50 suburbs that saw their median sale price increase in February. The suburbs with the biggest increase were East Fremantle (up 5.7%), South Yunderup (5.2%), Seville Grove (3%), Cloverdale (2.7%) and Ballajura (2.5%). Other suburbs to record median sale price growth were Wellard, Lansdale, Warnbro, Gosnells and Bayswater.

The median time to sell a property was 21 days in February. This is on par with January but 25 days quicker than it was in February 2020. The last time we saw houses sell this fast was in 2006. It's a hot market and buyers are understandably feeling pressure to make a swift decision. While it's important to act fast on a property you're interested in, I encourage buyers to use caution and not panic buy or get themselves into a situation where they pay over and above what the property is worth. Property prices have increased in the last six months but they remain below what they were five years ago so there are still good deals to be had.

Source - Reiwa - 01/03/2021