Perth-area homes sold quickly in March despite uncertainty around interest rates
Perth-area homes sold quickly in March despite uncertainty around interest rates, with homes in several suburbs selling in under a week on average, according to the Real Estate Institute of Western Australia.
Properties in Greenfields sold in a median of five days, while those in Cooloongup, Beechboro, Huntingdale, Leeming, Merriwa, Piara Waters, Port Kennedy and Waikiki averaged six days.
Seven other suburbs posted a median of seven days on market.
“March is usually a strong month for sales, and despite 10 consecutive interest rate rises, 2023 was no exception, with properties changing hands very quickly,” said REIWA CEO Cath Hart. “Buyer interest remains high, with good attendance at home opens and many properties receiving multiple offers – some even before an inspection. And sales figures exceeded 1,000 two different weeks in March. They have only done this three times so far this year.”
The median time on market for the whole of Perth was just 13 days, REIWA reported.
“The fastest median time to sell in the past 23 years was 12 days in March 2021,” Hart said. “Including March 2023, there have only been four months that recorded a median of 13 days, so it’s a very active market at the moment. Well-presented and well-priced properties continue to attract a lot of interest.”
Read next: REIWA boss joins group tackling homelessness
Hart said that potential buyers should make sure to have their finances in order so they can make an offer immediately when they find a property they like.
“I’d also recommend signing up for property alerts on www.reiwa.com so they don’t miss new listings, and registering their interest with local agents,” she said. “There are properties that don’t officially come to market, sometimes known as silent listings, where agents contact potential buyers on their database rather than advertise.”
Hart said buyers may have more time to purchase a home in April, when days on market typically increase due to the number of public holidays and school holidays.
Perth also remains one of the most affordable markets in Australia. CoreLogic’s Perth home value index rose 0.5% in March, and is up 1.9% over the year.
“While growth is still occurring, it’s moderate – which is good news for both buyers and sellers,” Hart said. “It means housing remains affordable for those looking to buy, while sellers are seeing the value of their property maintained.”
Have something to say about this story? Let us know in the comments below.
