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Perth house prices soar 18 per cent in last 12 months

Posted 8/10/21

Perth price growth has accelerated over the last year, with CoreLogic data confirming the Perth home value index has increased 18.1 per cent in the last 12 months.

REIWA President Damian Collins said the revised CoreLogic figures revealed the Perth price growth trajectory had performed even better than anticipated, which was welcome news for home owners and sellers.

“The turnaround of the WA market has been remarkably fast considering the downturn only hit rock bottom last year. We expect this recovery to continue throughout the remainder of 2021 and into 2022,” Mr Collins said.

Median house sale price

reiwa.com data shows Perth’s median house sale price was $520,000 in September, with 71 suburbs recording price growth during the month.

“It’s very encouraging that so many suburbs experienced price growth in September. The Perth market recovery is widespread and being felt across all price points and sub-markets,” Mr Collins said.

The suburbs to record the biggest price growth in September were Cooloongup (up 4.5 per cent to $320,000), Bicton (up four per cent to $1.25 million), City Beach (up 3.4 per cent to $2.175 million), Spearwood (up 3.4 per cent to $500,000) and Harrisdale (up 2.8 per cent to $530,000).

Other suburbs to perform well were Wanneroo, Forrestfield, Leda, Coolbellup and Quinns Rock.

Listings for sale

There were 8,368 properties for sale on reiwa.com at the end of September, which is two per cent more than at the end of August.

“With the spring selling season now underway, we’re seeing an increase in listing stock as more sellers come to market. We expect listing volumes will continue to grow in the coming months as more West Australians choose to take advantage of Perth’s strong price growth by listing their house for sale,” Mr Collins said.

Annually, listings for sale are 21 per cent lower than they were at the end of September 2020.

Time on market

The median time to sell a home in Perth during September was 17 days, which is one day faster than it took in August and 11 days faster than September 2020.

“Properties are still selling very quickly in Perth, which illustrates that competition amongst buyers to secure a property remains high,” Mr Collins said.

reiwa.com data shows the five fastest selling suburbs in September were City Beach (five days), Heathridge (six days), North Perth (six days), Kingsley (seven days), Ocean Reef (seven days).

Other suburbs to perform well were Willetton, Bull Creek, Coolbellup, Currambine and Kinross.


Read the full article here

Author: REIWA

Source: reiwa.com.au

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Bailey Devine Real Estate

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