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New REIWA data shows that as many as four in 10 suburbs in the Perth metro area have a shortage of properties for sale.
Out of an analysis of 244 Perth suburbs, 95 were found to be lacking in supply, according to Real Estate Institute of Western Australia (REIWA) president Hayden Groves.
“1.3 per cent of the 818,000 properties across Perth are listed for sale; however, when you take a closer look, 95 suburbs have listing levels below this. While some of these suburbs have marginally less choice than the overall Perth average, others have significantly less,” Mr Groves said.
Nedlands topped the list as the suburb with the most limited supply, followed by Greenwood, with both offering just 0.4 per cent of their total stock for sale.
Following this were Heathridge, Ocean Reef and City Beach, all at 0.5 per cent.
In the top 15 suburbs, the majority had a faster selling time than the metro Perth area’s average at 72 days; only Ocean Reef took longer, and it was only by a single day at an average 73 days.
“Across the metro area, it takes 72 days to sell a home, but in Perth’s undersupplied suburbs, buyers are snapping up properties in places like Heathridge, for example, in as quickly as 29 days. It’s apparent there is stronger buyer demand in those suburbs with fewer listings,” Mr Groves said.
“Home owners in these undersupplied suburbs who are thinking of selling are in a very good position.
“With less stock to choose from, buyers have more competition; meaning, there is a better chance for sellers to achieve a quicker sale at a competitive price in these markets.”
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