Residentia­l POCK­ETS SHOW GAINS IN SALES

Cockburn Gazette - - RESIDENTIA­L -

DE­SPITE a gen­eral per­cep­tion that Perth’s prop­erty mar­ket is not per­form­ing well, many sub­urbs are see­ing pos­i­tive changes, with prop­er­ties sell­ing faster than they did sev­eral years ago.

REIWA pres­i­dent Hay­den Groves said while Perth’s av­er­age days on mar­ket was cur­rently 66 days, no­tably higher than the 41 days it took to sell a prop­erty in 2013, it was im­por­tant to also look at in­di­vid­ual sub­urbs and their per­for­mance.

“If we dig a lit­tle deeper and look at av­er­age sell­ing days at a sub­urb level, there are nu­mer­ous ar­eas of Perth sell­ing sig­nif­i­cantly quicker now,” he said.

Ross­moyne ex­pe­ri­enced the biggest im­prove­ment in av­er­age sell­ing days, with reiwa.com data find­ing it was 22 days quicker to sell in the area than it was in the year to Jan­uary 2014.

“Church­lands, Glen For­rest and Dalkeith are also ex­pe­ri­enc­ing faster sell­ing times, with each sub­urb im­prov­ing by 15 days in the year to Jan­uary 2017, com­pared to the year to Jan­uary 2014,” Mr Groves said.

Sub­urbs ap­peal­ing to trade-up buy­ers ex­pe­ri­enced the most im­prove­ment, with eight of the 10 sub­urbs on REIWA’s list having an an­nual me­dian house price for the year to Jan­uary 2017 above $750,000.

Four of those were above the $1 mil­lion mark.

“These re­sults show the quick­est sales are hap­pen­ing in the sub­urbs that pre­dom­i­nantly cater to the trade-up sec­tor of the residentia­l prop­erty mar­ket,” Mr Groves said.

“Buy­ers look­ing to take the next step in their prop­erty jour­ney clearly recog­nise there is good op­por­tu­nity in the cur­rent mar­ket to take ad­van­tage of more af­ford­able house prices to up­grade to a new home.”

Glen For­rest and Helena Val­ley were the only sub­urbs on the list with a me­dian house price be­low $750,000, com­ing in at $534,000 and $557,000 re­spec­tively for the year to Jan­uary 2017.

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