Perth Properties Selling at Fastest Rate Since 2006

Reiwa data has revealed properties for sale are in strong demand, with properties sold in November taking a median of only 22 days to sell which is 17 days less than November 2019, making it the fastest time properties have sold since September 2006.

Sales Market - Reiwa President  Damian Collins said the sales market has significantly improved in the latter half of 2020, creating ideal conditions for those looking to sell. The demand for quality stock is evident, with properties selling at the same speed they did 14 years ago when Perth was in the property boom.

With listings for sale down 1.3% in November compared to the previous month and 28.7% lower than November 2019 its clear that if you are looking to sell there hasn't been a better time.

Median Price - Core Logic's latest home value index shows dwelling values in Perth increased 1.1% in November making it the fourth consecutive month of growth. Breaking it down to suburb level data shows 50% of suburbs experienced an increase in median sale price and 29% saw a stabilized median in November.

Rental Market - Listings in Perth's rental market rose 3.7% in November when compared to the previous month, however levels are still 52% lower than November 2019. With only 2889 properties for lease on Reiwa this is the third consecutive month in a row that stock levels have been under 3000.

Due to limited stock and the vacancy rate sitting at 0.95% rents have continued to increase in November with the median weekly rent now sitting at $390 per week. Fremantle and Mandurah where the top performing suburbs by median weekly rent in November with a 3.7% increase.

Source - Reiwa - 01/12/2020