Lightning speed: Perth property selling in record time

18 November 2023

Perth real estate is selling at lightning speed, with properties being snapped up almost twice as fast as a year ago.

Real Estate Institute of WA data shows houses in Perth sold in a median of eight days on market in October, compared to 15 days in October last year – and the pace of sales is at a 10-year high.

Last week, stock levels hit an all-time low with just 3714 properties listed for sale across the city.

Mont Property Managing Director Matthew Podesta said Perth’s dynamic real estate environment was due to a range of factors, including ultra strong demand for established homes, amid ongoing building delays and one of the tightest rental markets in history.

“There is a dire lack of stock for sale on the market at the moment, particularly quality homes in our southern riverfront area,” Mr Podesta said.

“Demand amongst buyers and renters is at an all-time high and sentiment is super competitive. As well as properties being sold in record time, many listings are also being sold for prices well above expectation as strong demand puts upward pressure on prices.”

In October, Perth’s property market had outperformed other Australian capital cities in the country, netting a 1.6% boost to median real estate values. For the year, Perth property values hit 10.8%, according to CoreLogic.

The CoreLogic report found Perth was also a standout for the highest annual rental growth, with a rise of 12.7% for house rents and 16.6% for unit rents in the past year.

REIWA Chief Executive Officer Cath Hart said many buyers had been disheartened at the speed of property sales transactions so it was important that house hunters were proactive.
“It is a challenging time,” Ms Hart said. “If you are looking to buy, you need to be prepared. Ensure you have your finances organised so you can make an offer when you see a home you like.

“Be patient – homes are still coming to the market in reasonable numbers, they’re just selling quickly…and be persistent – if you keep trying you will be successful.”

If you’re considering taking your property to market, call the Mont team for a confidential discussion about what your home may achieve in the current market.

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