Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Perth’s sales listings drop to 10-year low

Perth experienced an ‘extraordinary’ decline in listing volumes, with sales listings dropping to a 10-year low in February, according to new stats.

In the span of a year, listings have dropped 36.5 per cent in WA’s capital, to sit at just 7,899 properties for the first time in a decade, new data from REIWA has revealed.

According to REIWA president Damian Collins, February marked the seventh consecutive month that sale listings had declined in Perth.  

“Buyers are very active in the market and soaking up stock at a rapid pace,” Mr Collins added.

CoreLogic data shows Perth’s home value index lifted 1.5 per cent in February.

“This is on top of the 1.6 per cent increase in January and represents the sixth month in a row we’ve seen the index continue to climb,” Mr Collins said.

Advertisement
Advertisement

REIWA data puts Perth’s median sale price at $490,000.

“There were 50 Perth suburbs that saw their median sale price increase in February,” Mr Collins said.

The suburbs with the biggest increases were East Fremantle (up 5.7 per cent), South Yunderup (up 5.2 per cent), Seville Grove (up three per cent), Cloverdale (up 2.7 per cent) and Ballajura (up 2.5 per cent).

Other suburbs to record median sale price growth were Wellard, Landsdale, Warnbro, Gosnells and Bayswater.

But despite the substantial spikes in price in the last six months, Mr Collins confirmed they remain below what they were five years ago, meaning “there are still good deals to be had”.

As for the median selling days, reiwa.com data shows the median time to sell a property was 21 days in February, which is on par with January, but 25 days quicker than in February last year.

“The last time we saw houses sell this fast was 2006,” Mr Collins said.

“It’s a hot market and buyers are understandably feeling pressure to make a swift decision. While it’s important to act fast on a property you’re interested in, I encourage buyers to use caution and not panic buy or get themselves into a situation where they pay over and above what the property is worth,” he concluded. 

Perth’s sales listings drop to 10-year low
Perth’s sales listings drop to 10-year low
mortgagebusiness

Latest News

Making news this week, RBA keeps options open for September, Rates up to 91bp higher for existing borrowers: Lendi, RBNZ boosts cash rate to...

While the central bank went hard on its third consecutive 50-bp hike – without considering another option – the August minutes reveal it...

The state’s Premier has said residents impacted by this year’s floods will be offered buy-backs and land swaps, however no date has been...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

Do you think the new NSW property tax will help or hinder first home buyers?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.