Suburban home sales figures up

PERTH homes are selling at a record rate, according to the Real Estate Institute of WA’s Homebuyer Confidence Index for the September 2001 quarter.

The latest figures show 77.7 per cent of houses that came on to the market in the September quarter sold within the same quarter, indicating a strong sellers’ market.

The figure is just over 15 per cent higher than the June quarter and about a 38 per cent jump on the same quarter last year.

However, at the same time the supply of residential property up for sale is at a four-year low, with only 10,400 properties available for sale at the end of the quarter.

Demand for properties was now challenging the supply, according to REIWA president Graham Joyce.

“We’re certainly not on the brink of a housing famine but people are already finding less choice in the preferred suburb and price range and there is every indication that this trend will continue,” Mr Joyce said.

“This is good news for vendors but it means buyers need to move quickly as properties aren’t staying long on the market.”

Mr Joyce noted that property values were also rising as a result of the faster-than-usual selling rate, with REIWA’s September quarter housing price survey showing that the median house prices rose in 84 per cent of metropolitan suburbs.

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