CoreLogic’s Perth home value index increased 0.6 per cent during January, the highest monthly increase since May 2021.
REIWA President Damian Collins said this was a strong start to the year, especially given activity is typically lower in January following the festive season.
“Demand has been strong in the first month of the year. If this continues, the Perth market is on track to achieve the 10 per cent price growth that REIWA forecast for 2022,” Mr Collins said.
Median house sale price
reiwa.com data shows Perth’s median house sale price was $521,000 in January.
The suburbs to record the biggest median house sale price growth during January were Erskine (up 4.4 per cent to $450,000), Padbury (up 2.4 per cent to $615,000), Kalamunda (up 2.1 per cent to $725,000), Harrisdale (up two per cent to $549,000) and Wembley (up 1.7 per cent to $1.3 million).
Other suburbs to perform well were Kinross, Falcon, Spearwood, Canning Vale and Landsdale.
Listings for sale
There were 8,245 properties for sale on reiwa.com at the end of January, which is three per cent more than December 2021.
“We’ve seen a slight increase in the number of properties for sale in Perth during January, as sellers who deferred their listings over the break come back to market ready to take advantage of Perth’s strong buyer appetite,” Mr Collins said.
Time on market
The median time to sell a house during January was 15 days, which is one day slower than December 2021 and six days faster than January 2021.
“Median selling times are still exceptionally low and have been for some time now. We’d normally expect this figure to be up around 30 to 40 days, so the fact it continues to hover around the two-week mark is a testament to how tight competition for properties is in Perth,” Mr Collins said.
reiwa.com data shows the fastest-selling suburbs in January were Harrisdale (seven days), Tapping (seven days), Leeming (eight days), Cooloongup (nine days) and Craigie (nine days).
Other suburbs to record fast median selling times were Hillarys, Kinross, Padbury, Warnbro and Greenfields.
Sourced from REIWA