The Perth property market is sizzling! Houses are being snatched up faster than ever before, with some suburbs seeing homes disappear in as little as four days. Here’s a deep dive into the current trends based on data from the Real Estate Institute of Western Australia (REIWA):

Blazing Sales Speeds

The median time it takes to sell a house in Perth has reached a record low of eight days in June 2024. That’s a whopping three days faster compared to June 2023! Units are also experiencing a quick turnaround, selling in a median of 11 days – a significant improvement of nine days from last year.

Suburbs Setting the Pace

Some Perth suburbs are leading the charge in lightning-fast sales. Homes in Camillo, Thornlie, Mandurah, Ballajura, Eglinton, Huntingdale, Leeming, Queens Park, Wanneroo, and Wellard are flying off the market in a median of just five days!

Navigating a Competitive Market

REIWA CEO Cath Hart emphasizes the importance of being prepared in this competitive environment. Getting pre-approved for financing before you start searching can put you ahead of the pack. Patience and persistence are also key – while you might face some initial rejections, staying focused and learning from each offer can help you secure your dream home.

More Listings Than You Think

There’s a common perception that there’s a shortage of properties available. Interestingly, data reveals that more properties actually entered the Perth market in the first half of 2024 compared to the same period last year. The reason you might not see them linger for long is the high buyer demand that’s snapping them up quickly.

Perth’s Million-Dollar Club

Perth boasts a relatively low number of million-dollar suburbs compared to other major Australian cities. However, with property values on the rise, analysts predict more suburbs are likely to join this prestigious club soon. Ray White Group Senior Data Analyst Atom Go Tian specifically mentioned Yokine, Coolbinia, Menora, and Serpentine-Jarrahdale as potential contenders.

The Market Takeaway

The Perth property market is currently a hot seller’s market with high buyer activity and record-breaking sales speeds. If you’re thinking of buying, be prepared to act fast and strategically. For sellers, this is an excellent time to capitalize on the high demand. Remember, staying informed with the latest market trends can be a valuable asset in today’s dynamic market conditions.

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