November was a busy month for Perth property sellers, 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, reflecting a 9% increase from October and 24% gain from the same period last year.
REIWA President Damian Collins said this was the fourth consecutive month of increased sales for Perth.
"It was another strong month of sales in Perth, with REIWA members on the ground reporting high sales turnovers across all price points,” he said.
“The Perth residential sales market is in a very good position for further growth as we exit 2021 and move into 2022.”
Hamilton Hill, North Perth, Karrinyup, Greenfields, and Shoalwater were the five top-performing suburbs in the month, posting the biggest gains in sales activity.
Modest monthly gain in prices
Despite the busy housing market, Perth’s median dwelling value only increased by 0.2% in the month.
However, annual figures show a 14% growth to $520,000.
"Whilst overall price growth is modest, the suburb level data tells a very different story with 90 suburbs recording price growth during the month,” Mr Collins said.
Willagee is the suburb with the highest monthly growth in median prices, up 4% to $625,000.
Other suburbs also posted robust gains in the month, including Golden Bay (up 3.8% to $395,000), Kingsley (up 3% to $655,000), Spearwood (up 2.9% to $525,000), and East Victoria Park (up 2.9% to $700,000).
Steady increase in listings
Perhaps one factor that impacted the monthly growth in prices was the 7% increase in listings — over the month, 9,271 properties were listed on Reiwa.com.
"As is typical for this time of year, we've seen a steady increase throughout spring in the number of properties for sale in Perth as sellers look to capitalise on the strong market conditions,” Mr Collins said.
Despite the increase in listings, the time it takes to get a property sold shrank to 14 days, one day faster than in October and seven days faster than in November last year.
“That is exceptionally fast and illustrates buyers are needing to act swiftly in this market and put in competitive offers to ensure they don't miss out on a property, Mr Collins said.
Photo by Harry Cunningham on Unsplash.
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