November was a busy month for property sellers in Perth as sales hit strong monthly and annual gains.
Figures from the Real Estate Institute of Western Australia (REIWA) showed 1,048 sales in the month, up 9% from October and up 24% from the same period last year.
REIWA president Damian Collins said this was the fourth straight month of higher sales for Perth.
“It was another strong month of sales in Perth, with REIWA members on the ground reporting high sales across all price points,” he said.
“The residential sales market in Perth is in a very good position for further growth as we exit 2021 and enter 2022.”
Hamilton Hill, North Perth, Karrinyup, Greenfields and Shoalwater were the five best-performing suburbs in the month, with the biggest gains in sales activity.
Modest monthly gain in prizes
Despite the busy housing market, Perth’s median home value rose just 0.2% in the month.
However, annual figures show a growth of 14% to $520,000.
“While overall price growth has been modest, the data at the suburban level tells a very different story, with 90 suburbs posting price growth during the month,” said Mr. Collins.
Willagee is the suburb with the highest monthly growth in median prices, up 4% to $625,000.
Other suburbs also posted solid gains in the month, including Golden Bay (+3.8% to $395,000), Kingsley (up 3% to $655,000), Spearwood (+2.9% to $525,000) and East Victoria Park (+2.9% to $700,000).
Steady increase in offers
Perhaps a factor influencing the monthly price growth was the 7% increase in the number of advertisements – there were 9,271 homes on Reiwa.com during the month.
“As is typical for this time of year, we have seen a steady increase in the number of homes for sale in Perth throughout the spring as sellers try to take advantage of the strong market conditions,” said Mr Collins.
Despite the increase in the number of advertisements, the time it takes to sell a home shrank to 14 days, one day faster than in October and seven days faster than in November last year.
“That’s exceptionally fast and illustrates that buyers need to act quickly in this market and make competitive offers to ensure they don’t miss out on a property,” said Mr. Collins.
Photo by Harry Cunningham on Unsplash.
Top suburbs: redcliffe, kariong, alderley, lalor park, crossing ropes
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