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Perth achieved a remarkable feat in June, setting a new record for the lowest median days on market. However, new data showed that throughout the financial year 2022-23, some suburbs saw selling times of less than a week.
Real Estate Institute of Western Australia (REIWA) chief executive Cath Hart said the 2022-23 financial year was a year that saw houses sell quickly, with a new monthly record of a median 10 days on market set during the last month of FY23.
During the 12-month period to June, the fastest-selling suburb for houses was Leda, where homes sold in a median of five days.
Other suburbs which experienced houses selling within an average period of a week were Merriwa (six days), Orelia (six days), Cooloongup (six days) and Greenfields (six days).
Rounding out the top 10 suburbs with the lowest days-on-market average during the financial year were Brookdale, Camillo, Hillman, Parmelia and Seville Grove, with houses at an average time of eight days.
And while buyers were quick to snap up houses in the market, Ms Hart noted affordability was a focus for those property hunting.
“While buyers have acted swiftly when they found a suitable house, they were also being prudent,” she stated.
She highlighted all of the top 10 fastest-selling suburbs had price ranges that were well below the Perth median house price.
“It’s a big change from last year’s top 10, where all the suburbs were over the Perth median house price at that time – the rise in interest rates has clearly played a role in this trend,” she added.
The average price of a house in the WA capital rose 4.6 per cent over the financial year to a new high of $555,000.
Notably, the average prices across the top 10 fastest-selling suburbs for houses were all under $500,000, with Merriwa having the highest median price at $445,000, while Camillo had the lowest at $355,000.
“They’ve seen their borrowing capacity reduced significantly in the past year, so this outcome signals they’re factoring in the possibility of more rate rises and are spending wisely,” Ms Hart stated.
For units, Baldivis claimed the title of the fastest-selling suburb, with a median of only 12 days on the market for the financial year.
Other suburbs in the top 10 list for fastest-selling units were Palmyra (14 days); Churchlands and Bibra Lake (15 days); Noranda, Bayswater and Joondanna (16 days); as well as Cottesloe, Shenton Park and Erskine (17 days).
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