Heathridge, Inglewood, Kingsley and Woodvale were among the 20 fastest-selling suburbs in Perth during the 2021-22 financial year, each recording a median selling time of just seven days.
REIWA President Damian Collins said market conditions across Perth were strong, which was reflected in the very fast median selling times recorded by these 20 suburbs.
“Every suburb on this list had a median selling time of nine days or less during the 2021-22 financial year, which is exceptionally fast.
“In a balanced market, median selling times sit between 30 and 40 days, so for these suburbs to be posting single-digit median selling times is a testament to the strength of the WA market and the high level of buyer demand being experienced across the state,” Mr Collins said.
The overall Perth market median selling time for the 2021-22 financial year was 15 days.
Of the 20 suburbs on the list, 18 recorded a reduction in median selling times between the 2020-21 and 2021-22 financial years.
The stand-out improvers on the list were Cooloongup (12 days faster) and North Perth (10 days faster).
Additionally, all 20 suburbs on this list recorded median house sale price growth during the 2021-22 financial year.
North Perth recorded the strongest growth, with its median house sale price increasing 26.7 per cent to $1.14 million, followed by Kingsley (up 18.2 per cent to $715,000), Coolbellup (up 18 per cent to $550,000), Padbury (up 17.9 per cent to $660,000) and Shenton Park (up 17.5 per cent to $1.715 million).
“The fast median selling times recorded in these suburbs is a result of strong buyer demand. When competition amongst buyers is high and properties are selling quickly, prices will inevitably rise, which is what we’ve seen in all these suburbs over the last 12 months,” Mr Collins said.
“REIWA anticipates WA’s strong market conditions will last for some time, largely fuelled by the state’s strong economy, 1.2 per cent expected growth in population and the ongoing housing shortage. We simply don’t have enough stock to keep up with demand.
“For as long as this is the case, we will continue to see high competition amongst buyers, low median selling times and price growth in WA.”