Perth properties selling the fastest they have in 15 years!

Property prices across Australia increased at their fastest rate in 30 years over March, while Perth house values have risen tens of thousands of dollars since January.

Over the first three months of the year, Perth’s dwelling prices rose 5 per cent to an average median value of $505,850, CoreLogic data shows.

Property prices nationally increased 2.8 per cent in March, with Sydney up 3.7 per cent over the month and Melbourne jumping 2.4 per cent, while Perth was up 1.8 per cent.

For the first time in a year, growth in capital city housing values outpaced regional markets. “Housing values in regional areas are 11.4 per cent higher over the past year, demonstrating the earlier stronger growth trend,” CoreLogic research director Tim Lawless said.

“Capital city values are now 4.8 per cent higher on an annual basis, with the acceleration in growth evident in March.” In WA, property prices rose 1.8 per cent in Perth and 1.7 per cent in regional WA throughout March.

Housing market strength was being supported by a disconnect between demand and supply. “The ratio of sales to new listings is tracking at around 1.1, implying for every new listing added to the market, 1.1 homes are sold,” Mr Lawless said. “Such a rapid rate of absorption is keeping overall inventory levels low and adding to a sense of FOMO amongst buyers.”

The top end of the housing market was leading acceleration in the rate of capital gains. “Across the combined capitals, the upper quartile of the market recorded a 3.7 per cent lift in values in March, while the lower quartile was up less than half this rate, at 1.6 per cent,” Mr Lawless said.

The buoyant outlook for Perth was backed by the latest REIWA data for March that showed properties sold the fastest they had in 15 years. The average time to sell a property in Perth during March was 17 days, the lowest it has been since 2006. “The turnaround we are witnessing in the Perth property market is quite remarkable,” REIWA president Damian Collins said.

It 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.” While there were still 4000 fewer listings for sale than in March 2020, Perth property owners had recognised the excellent opportunity to sell their home quickly and at a competitive price.

Have you been thinking about selling? Give the Mi Casa team a call today to discuss how we can help you with your property journey. 

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