Perth property market experiences resurgence

Stock image.
Stock image.

THE local property market has experienced a resurgence, with REIWA data showing sales increased 23 per cent over the four weeks to August 28.

East Perth topped the list for the number of sales, recording 27 during that timeframe.

Harcourts City Central director Mark Hales said they had seen a lot of recent interest in the area, particularly for two-bedroom apartments.

“Properties in the $350,000-$450,000 price range are selling well and first-home buyers and investors from outside of the Perth area are active in the market at the moment,” he said.

Despite the increased activity, sellers were still spending nearly three months on the market.

Mr Hales said REIWA data showed the average time to sell a property in East Perth was 90 days for the 12 months to August 29, but he expected this to decrease as the market moved into the spring selling season.

“We are expecting to see increased buyer confidence, a notable reduction in the current days on market and also a slight increase in stock levels as sellers capitalise on this,” he said.

“We are also expecting to see further demand from first-home buyers, young couples and executives wanting the benefits and amenities living in the city provides.”