Despite a general slow down in the Perth property market, close examination of data reveals that some areas of Perth are selling more quickly now than they did during the 'boom', says Hayden Groves, president of the REIWA.
“reiwa.com analysis shows Perth’s average selling day figure is currently 66 days, which is notably higher than in 2013 when it took on average 41 days to sell a property," explained Groves.
"However, if we dig a little deeper and look at average selling days at a suburb level," he said, "there are numerous areas of Perth selling significantly more quickly now than they did in the boom."
Rossmoyne experienced the biggest improvement in average selling days, according to reiwa.com data which revealed it is now 22 days quicker to sell a property in the area than it was in the year to January 2014.
“Churchlands, Glen Forrest and Dalkeith are also experiencing faster selling times, with each suburb improving by 15 days in the year to January 2017 compared to the year to January 2014,” said Groves.
The Perth suburbs selling more quickly tend to be the upmarket suburbs, with eight of the 10 suburbs on the list having an annual median house price (for the year to January 2017) above $750,000, and with four of those above the $1 million mark.
“These results show the quickest sales are happening in the suburbs that predominantly cater to the trade-up sector of the residential property market," said Groves.
Glen Forrest and Helena Valley were the only suburbs on the list with a median house price below $750,000, coming in at $534,000 and $557,000 respectively for the year to January 2017.
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