The REIWA has released a list of the fastest growing suburbs in 2017, revealing that North Fremantle, Applecross and Dalkeith were the city's top performers.
The REIWA has released a list of the fastest growing suburbs in 2017, revealing that North Fremantle, Applecross and Dalkeith were the city's top performers.
REIWA president Hayden Groves said all 10 of the top suburbs have above-median house prices, and most had medians higher than one million dollars. Perth's median house price is currently $520,000.
Source: REIWA.
Michelle Kerr, agent with Abel McGrath Property Group Claremont, told SCHWARTZWILLIAMS those strong gains were not the moves she saw in the market.
"That's not what I've seen at all," she said.
"I'm seeing price stability and a foundation in the market," said Kerr.
"There's been a massive drop in the volume of property on the market, and that's distorting the data," said Kerr.
This four-bedroom, four-bathroom North Fremantle apartment is under contract, agent Michelle Kerr, Abel McGrath Property Group Claremont. Image: Abel McGrath Property Group Claremont.
Kerr said that Western Australia only had 30,000 property sales in 2017, while the average is generally around 80,000.
However, Kerr said that "buyers are returning to the market on droves."
"Properties that are correctly priced and well presented are selling quickly," said Kerr, noting that her average days on market is only 17 days.
Groves said, “Perth’s highly prized suburbs are leading the way in the recovery of the WA market.
"In the space of a year, we’ve seen prices in these locations recover substantially from their low point in late 2016,” he said.
"Good quality family homes are attracting a lot of attention in aspirational areas," said Groves.
"With the WA economy gaining strength and owner-occupier loans at their most affordable in decades, buyers recognise now is the time to secure a family home in areas previously out of reach for many,” he said.
Nine of the 10 top suburbs had faster average selling times than the Perth metro region, according to the reiwa.com analysis.
“It takes an average of 67 days to sell a house in Perth, whereas in suburbs like Leederville (32 days) and Trigg (36 days), sellers are securing buyers much faster,” Groves said.
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