cottesloe beach
Cottesloe enjoyed 5.4% growth in March. Image – Canva
  • Median of 17 days to sell a home - shortest since 2006
  • Was previously 43 days in March 2020
  • Median sale price increased by 1.8% last month

Perth properties continue to sell in record time with the median time to sell a property in the Western Australian capital just 17 days, according to the Real Estate Institute of Australia (REIWA).

This is the lowest it has been since 2006.

Even more extraordinary, properties are selling 26 days faster than they did just over a year ago in March 2020, according to REIWA President Damian Collins.

“The turnaround we are witnessing in the Perth property market is quite remarkable. In the span of 12 months, we have seen the Perth median selling time drop from 43 days in March 2020 to just 17 days in March 2021. “

“Perth is a seller’s market at the moment and buyers are facing a lot of competition to secure a property, which is reflected in how quickly we are seeing properties sell.”

Damian Collins, REIWA President

CoreLogic data shows the median sale price has increased with the home value index lifting by 1.8% in March – the seventh consecutive month this index has risen.  Data from reiwa.com supports CoreLogic’s with Perth median house sale price increasing from $480,000 in March 2020 to $495,000 in March 2021.

67 suburbs in Perth recorded an increase in the median house sale price during March with affluent suburbs such as Cottesloe and Como recording 5.4% and 4.1% growth, with southern suburbs such as Rockingham and Lake Coogee also recording strong growth at 3.8% and 3.5% respectively.

8,247 properties were listed for sale in Perth on reiwa.com.au at the end of last month – up by 5.1% compared to February 2021, but down by almost a third compared to March 2020.

“While there are still 4,000 fewer listings for sale than there were at the end of March 2020, the increase in the number of properties for sale in March 2021 is an encouraging trend.”

“It appears Perth property owners are increasingly recognising there is (an) excellent opportunity available to sell their home quickly and at a competitive price.”

Damian Collins, REIWA President

You May Also Like

National Lending Figures Show Healthy Housing Growth

Newly released Australian data points towards growth in owner occupiers…

Scarborough top selling suburb; Perth sales up 10 per cent last week: REIWA

Last week saw 763 sales transactions in the Perth Metropolitan Area according to data reported by REIWA members…

Private sector housing approvals up for fifth consecutive month: ABS data

Private sector house approvals have risen again