BUY­ERS MOVE FAST ON TOP AR­EAS

QUAL­ITY HOMES IN DE­MAND

Fremantle Gazette - - RESIDENTIAL -

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.”

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.