Wembley has emerged as one of Perth’s most in-demand suburbs, with time it takes to sell a home averaging just 39 days in 2019, the shortest period in the metropolitan area.
Wembley has emerged as one of Perth’s most in-demand suburbs, with time it takes to sell a home averaging just 39 days in 2019, the shortest period in the metropolitan area.
Data released by the Real Estate Institute of Western Australia showed five of the top 10 fastest-selling locations were in the prestige western suburbs, with West Leederville, Nedlands, Shenton Park and Mount Claremont proving easier to sell a home than other locations.
Other fast selling suburbs included Heathridge, which recorded an average of 41 days to sell, Carine (44 days), while Kingsley and Woodvale home sellers experienced an average of 46 days to sell.
Across Perth, the average time to sell a house was 89 days.
In terms of sales activity growth, the biggest jump was in the near-Mandurah suburb of Lakelands, where transactions rose by 36 per cent in 2019, as compared to the previous year.
Mundaring sales activity grew by 30 per cent, as did Alfred Cove, while transactions in Manning were up 28 per cent, REIWA said.
Overall, sales activity was down by 5 per cent in 2019 across Perth, with 57 suburbs recording an increase in activity.
REIWA president Damian Collins said it was positive to see improvements across many suburbs in a year of subdued property market conditions.
Mr Collins said seven suburbs with a rise in transactions recorded median house price growth, with Swanbourne leading the way with a 6.3 per cent increase.
“Increase in sales turnover and a reduction of selling days is often a leading indicator of future price growth in a suburb,” Mr Collins said.
“While sales activity in the lower-priced end of the Perth market remains soft, activity in the $600,000-plus price range has strengthened, which has created increased demand among trade up buyers who now make up 53 per cent of buyers.”
Mr Collins said increased demand for good quality housing stock had created competition among buyers.
“As we head further into 2020, the suburbs to watch are the ones where the number of days to sell a house are well below the Perth average,” he said.
“Home owners in these suburbs who are thinking of selling are well placed to secure a sale at a favourable price and should listen to the advice of their real estate agent to ensure they price their property in line with market conditions.”
