Perth has reported its shortest selling times since 2006, with properties only staying in the market for 17 days, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
The turnaround time in Perth last month was 26 days, or almost four weeks faster than during the same period last year.
"Perth is a seller's market at the moment and buyers are facing a lot of competition to secure a property, which is reflected in how quickly we are seeing properties sell," Collins said.
This strong demand for housing is already reflected in the growth in home values. In fact, the median prices in Perth have increased by 1.8% in March to $495,000.
"This is the seventh month in a row the Perth home value index has increased and it shows no signs of slowing down. On a quarterly basis, the home value index is up 5% since the start of the year," Collins said.
There were 67 suburbs across Perth that recorded an increase in median house sale price over the month. Cottesloe rose as the strongest performer after posting a 5.4% gain to $1.95m. Como came second, with a growth of 4.1% to $895,000. Rockingham ($410,000), Lake Coogee ($587,00), and Wannanup ($530,000) also posted gains of up to 3.8%.
While listings increased on a monthly basis, the supply of homes in the city remained lower than last year. Listings on reiwa.com were at 8,247, down by 32.9% from the same month last year.
"While there are still 4,000 fewer listings for sale than there were at the end of March 2020, the increase in the number of properties for sale in March 2021 is an encouraging trend. It appears Perth property owners are increasingly recognising there is excellent opportunity available to sell their home quickly and at a competitive price," Collins said.
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