A recent analysis by Real Estate Institute of Western Australia (REIWA) shows that Rossmoyne, North Beach and Mount Lawley are among Perth’s top 10 suburbs selling property faster now than they did during the boom days.
REIWA president Hayden Groves said it was easy to get caught up in general Perth market talk, but it was important to look deeper to see how individual suburbs were performing.
“reiwa.com analysis shows Perth’s average selling day figure is currently 66 days, which is notably higher than in 2013 when it took on average 41 days to sell a property.
However, 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 than they did in the boom,” Groves said.
Rossmoyne experienced the biggest improvement in average selling days, with reiwa.com data revealing it is now 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,” Groves said.
Interestingly, eight of the 10 suburbs on the list have an annual median house price for the year to this January above $750,000, with four of those 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. 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,” Groves said.
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 this January.
| Suburb | Average Selling Days Year to January 2014 | Average Selling Days Year to January 2017 | Difference |
|---|---|---|---|
| 1. Rossmoyne | 84 | 62 | 22 days faster |
| 2. Churchlands | 64 | 49 | 15 days faster |
| 3. Glen Forrest | 75 | 60 | 15 days faster |
| 4. Dalkeith | 65 | 50 | 15 days faster |
| 5. Leederville | 43 | 35 | 8 days faster |
| 6. Claremont | 54 | 46 | 8 days faster |
| 7. Coogee | 88 | 80 | 8 days faster |
| 8. North Beach | 53 | 46 | 7 days faster |
| 9. Mount Lawley | 62 | 56 | 6 days faster |
| 10. Helena Valley | 64 | 59 | 5 days faster |
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