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It’s a good time to think about selling

Damian CollinsSponsored
REIWA President Damian Collins.
Camera IconREIWA President Damian Collins. Credit: The West Australian.

In the space of 12 months, the Perth residential property market has transformed from being in favour of buyers to being firmly in favour of sellers. With buyers experiencing strong competition with one another, properties are selling faster than they have in years and often at a premium for the seller.

Earlier this month, REIWA revealed the median time to sell a property in Perth in March had dropped to 17 days – the quickest since 2006. This is also down from 43 days in March 2020 – a reduction in median time of 26 days.

A closer look at the data shows 61 per cent of Perth suburbs had a median selling time of 21 days or below in March. When we break that figure down further, we see that 33 per cent of Perth suburbs are experiencing median selling times between seven and 14 days, which is remarkably fast and explains why we have seen Corelogic’s Perth Home Value Index increase by five per cent this year.

While most suburbs in Perth are experiencing fast median selling times, there are a few that stand out as the quickest in the region. reiwa.com data reveals that the 10 fastest selling Perth suburbs in March 2021 were Leeming (six days), Tapping (six days), Kinross (seven days), Palmyra (seven days), Willagee (seven days), Hamilton Hill (eight days), Currambine (eight days), Clarkson (nine days), Kingsley (nine days) and Scarborough (nine days).

reiwa.com data also shows there were 67 suburbs across Perth that recorded an increase in median house sale price during March.

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The 10 suburbs to record the biggest growth were Cottesloe (up 5.4 per cent to $1.95 million), Como (up 4.1 per cent to $895,000), Rockingham (up 3.8 per cent to $410,000), Lake Coogee (up 3.5 per cent to $587,500), Wannanup (up 3.4 per cent to $530,000), Yangebup (up 3.3 per cent to $465,000), Duncraig (up 3.2 per cent to $760,000), Claremont (up 2.9 per cent to $1.425 million), Ballajura (up 2.5 per cent to $410,000) and Dudley Park (up 2.4 per cent to $420,000).

There is excellent opportunity for sellers right now to sell their property quickly and at a competitive price. If you’re thinking about selling, reach out to your local REIWA agent for advice on how properties similar to yours are faring in the same area.

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