Perth’s property market seeing positive changes

Perth’s property market seeing positive changes

DESPITE a general perception that Perth’s property market is not performing well many suburbs are seeing positive changes, with properties selling faster than they did several years ago.

REIWA president Hayden Groves said while Perth’s average days on market was currently 66 days, notably higher than the 41 days it took to sell a property in 2013, it was important to also look at individual suburb performance.

“If we dig a little deeper and look at average selling days at a suburb level, there are numerous areas of Perth selling significantly quicker now,” he said.

Rossmoyne had the biggest improvement in average selling days, with reiwa.com data finding it was 22 days quicker to sell in the area than it was in the year to January 2014.

“Churchlands, Glen Forrest and Dalkeith are also experiencing faster selling times, with each suburb improving by 15 days in the year to January 2017, compared to the year to January 2014,” Mr Groves said.

Suburbs appealing to trade-up buyers experienced the most improvement, with eight of the 10 suburbs on REIWA’s list having an annual median house price for the year to January 2017 above $750,000. Four of those were above the $1 million mark.

“These results show the quickest sales are happening in the suburbs that predominantly cater to the trade-up sector of the residential property market,” Mr Groves said.

“Buyers looking to take the next step in their property journey clearly recognise there is good opportunity in the current market to take advantage of more affordable house prices to upgrade to a new home.”

Glen Forrest and Helena Valley were the only listed suburbs with a median house price below $750,000, coming in at $534,000 and $557,000 respectively for the year to January 2017.