The median time to sell a property in Perth in March was 17 days, the lowest it has been since 2006.
REIWA President Damian Collins said properties in Perth were selling the quickest they had in 15 years and 26 days faster than they were in March 2020.
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. That is a reduction in median time of almost four weeks or 26 days.
Perth is a sellers 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, Mr Collins said.
Home value index and median sale price
CoreLogic data shows the Perth home value index lifted 1.8 per cent in March.
This is the seventh month in a row the Perth home value index has increased and it shows no signs of slowing down. On a quarterly basis, the home value index isup five per cent since the start of the year, Mr Collins said.
reiwa.com data supports the CoreLogic findings, with the Perth median house sale price sitting at $495,000 in March 2021, up from $480,000 in March 2020.
There were67 suburbs across Perth that recorded an increase in median house sale price during March. The five suburbs with the biggest growth wereCottesloe (up 5.4 per cent to $1.95 million), Como (up 4.1 per cent to $895,000), Rockingham (up 3.8 per cent to $410,000), Lake Coogee (up 3.5 per cent $587,500) and Wannanup (up 3.4 per cent to $530,000), Mr Collins said.
Other suburbs torecord median sale price growth were Yangebup, Duncraig, Claremont, Ballajura and Dudley Park.
Listings for sale
There were 8,247 properties for sale in Perth on reiwa.com at the end of March.
This is up 5.1 per cent compared to February 2021,but down 32.9 per cent when compared to the same time last year, Mr Collins said.
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 2021is an encouraging trend. It appears Perth property owners are increasingly recognising there is excellent opportunity available to sell their home quickly and at a competitive price.
Perth rental market
Leasing activity increased 15.6 per cent in Perth in March, according to reiwa.com data.
There was increased activity in the rental market during March, which can be attributed to tenants and property owners making preparations for the endof the rental moratorium. Despite this, leasing levels are still down 18.8 per cent compared to this time last year due to the rental shortage the state is experiencing, Mr Collins said.
Median rent price
Perths median rent price held at $400 per week for the third month in a row in March.
While the Perth median rent has increased $40 per week over the last year, it is still $50 lower than it was in 2014 and Perth remains the most affordableplace for tenants in the country, Mr Collins said.
reiwa.com data shows the suburbs to record the biggest rent price increases during March were Bassendean (up $15 to $395 per week) and Joondalup (up $15 to $400 per week).
Othersuburbs to record strong rent price growth were Butler, Nollamara, Wellard, Cannington, Clarkson, Beckenham, Bentley and Harrisdale all of which saw their median rents increase $10 per week in March, Mr Collins said.
Listings for rent and median leasing days
The median time to lease a rental in Perth during March was 19 days.
This is the same amount of time it took in February, but nine days quicker than it was in March 2020. The last time rentals were leased this fast was in June 2013, Mr Collinssaid.
There were 2,722 properties listed for rent in Perth on reiwa.com at the end of March.
This marksthe seventh consecutive month listings for rent have sat below 3,000. The figure for March is down 1.6 per cent compared to February 2021 and a substantial 49.9 per cent when compared to March 2020, Mr Collins said.
Perth desperately needsan influx of available rental stock. Now that the rental moratorium is over, we should start to see more properties come to market in the coming months, but its not going to fix all the problems. We need to incentivise property investment in WA so wecan meet the demand for rental housing.