BUYERS MOVE FAST ON TOP AREAS
QUALITY HOMES IN DEMAND
WA homebuyers are jumping at the chance to secure family homes in areas that were previously out of reach, resulting in significant median house price growth last year in Perth’s most desirable suburbs.
North Fremantle, Applecross and Dalkeith recorded the biggest rises in median house price of more than 20 per cent, and all but three of the top 10 suburbs had medians exceeding $1 million.
“Perth’s highly prized suburbs are leading the way in the recovery,” REIWA president Hayden Groves said.
“We’ve seen listing stock tighten considerably over the past 12 months, with quality homes attracting a lot of attention in aspirational areas. With the WA economy gaining strength and owner-occupier loans at their most affordable in decades, buyers recognise now is the time to secure a home in areas previous out of reach.”
REIWA.com analysis also found nine of the 10 suburbs had faster selling times than the Perth metro region.
“In the space of a year, we’ve seen prices in these locations recover from their low point in late 2016,” Mr Groves said.
“It takes an average of 67 days to sell a house in Perth, whereas in suburbs such as Leederville and Trigg sellers are securing buyers much faster.
“Increased demand in Perth’s luxury market is creating more competition between buyers, resulting in quicker selling times and higher sale prices.”