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Residential market staying strong

PERTH’S residential real estate market continues to defy national trends, according to Real Estate Institute of Western Australia figures. The ratio of sales to new supplies of properties for sale in Perth’s established housing market was 78 per cent in February, which represents an increase of two percentage points on the ratio in January. The 10-year average sales-to-new-listings ratio in Perth is 55 per cent. REIWA president Greg Rossen said the sales-to-new-listings ratio had consistently been above 70 per cent since 2002, which was an indicator of continuing high levels of confidence in Perth’s real estate market. “The average selling time for residential properties in February was 48 days, which is three days fewer than January,” he said.

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