While conditions in Perth’s real estate market generally tip towards being in favour of buyers, sales analysis by the Real Estate Institute of Western Australia (REIWA) has revealed there are a number of suburbs where properties are on the market for significantly shorter periods of time compared to the city-wide average.
On average, homes in Perth are taking around two months to sell, however REIWA president Hayden Groves said buyers are willing to snap up properties that are priced to suit the market.
“The average selling days for the overall Perth market for the year to February 2016 is 62 days, however when we drill down to suburb level we see numerous pockets across the metropolitan area where it takes much less time to sell and where buyers need to act quickly to secure their purchase,” Groves said.
“If you are looking to sell your home in one of these areas, provided your property is priced correctly, it is very likely to be snapped up quickly by motivated buyers,” he said.
According to the REIWA data, Heathridge in, Perth’s north-east, holds the title as the city’s fastest selling suburb; with homes on average spending 33 days on the market.
The inner-city suburb of Leederville is the next quickest seller, with homes spending 35 days on the market followed by Shenton Park in the inner-west where homes are taking 37 days to sell.
In Woodvale, homes are spending 39 days on the market, while Ferndale, Parkwood and Hamersley are all taking 40 days for a home to be sold.
Of the top-10 fastest selling suburbs in the city, half have a median price that is below $500,000 which Groves said could point to an increase in activity from first home buyers.
“First home buyers remain active in the Perth property market with current market conditions continuing to entice this demographic to take their first step into home ownership,” he said.