Danielle Geagea – realestate.com.au
Real Estate Property specialist
The Australian city where homes are flying off the shelf, with many selling in a matter of days.
Perth’s red hot property market is showing no signs of slowing down, with a number of homes recently selling in a matter of days after attracting multiple offers.
While the latest Real Estate Institute of Western Australia data shows the median time to sell a house in Perth is 18 days, many are bucking the trend.
Take 12 Springvale Drive in Warwick in the city’s northern suburbs, which sold before the advertisement could even hit the web.
Selling agent Caroline Turner of Xceed Real Estate said the three-bedroom property was snapped up for a record $800,000.
Quick sales are becoming common occurrences for well-presented and renovated homes, Ms Turner said.
“We also recently sold 47 Millport Drive in Warwick,” she said. “It’s an iconic property that achieved a sale price $960,000 – a market record for the suburb.”
It was a similar story for the sale of an award-winning, fully renovated worker’s cottage at 4 Hope Street in Perth, which had been listed for sale for the first time in 25 years.
Selling agent Danielle Geagea of Zsa Zsa Property said the two-bedroom home received strong interest and sold within five days in the low to mid $1 million range.
Meanwhile, five days was all it took it sell 40 Urawa Road in Duncraig, a five-bedroom, three-bathroom home in Perth’s northern suburbs.
It fetched $835,000, which was $35,000 more than the vendor hoped for.
Selling agent Sam Bevan of Realmark Coastal believes the home’s incredible renovated kitchen sold the home, but said it was also priced appropriately.
“Overpricing or ‘have a go’ dream prices can sometimes work, but they can also torpedo the sales outcome of a perfectly saleable home,” Ms Bevan said.
In Perth’s southwest, a home in Kealy in Busselton, which was priced between $649,000 to $700,000, sold for $710,000 within 48 hours of hitting the market.
“It was an ex-display home in an ex-display street, and the buyers… we had two offers straight away from private inspection, and both had been looking for six months and four months respectively,” Acton South West sales executive Vincent Marruffo said.
REIWA president Damian Collins said the feedback he’s received from agents indicates well-priced properties, particularly homes in good suburban areas, remain in high demand.
“I’m still hearing stories of properties selling within the first week, sometimes multiple offers, and our sales figures at REIWA are reflecting a strong market,” Mr Collins said.
“Last week, we had 926 sales – that’s a very good number in Perth. The stock for sale is still very low at 8500, and well below what we think represents a balanced at about 13,000.
“That means half the properties that come to market are selling in the first two-and-a-half weeks and obviously some sooner than that. So, that certainly shows the market is solid and interest rates (rises) to date haven’t had much impact.”
Mr Collins said Perth was the most affordable capital city in the nation, with incredibly cheap house prices compared to Sydney or Melbourne.
“Overall, the incredible affordability compared to other capital cities means that rate rises haven’t meant much. What I do find is the Perth housing market very much follows the state economy and that draws in people as well,” he said.
“And right now, we’ve got 60,000 jobs available. That tells me we are going to get more people coming in and lots of people employed, and that’s going to lead to more demand for property. Supply is not going to keep up.
“I certainly think we are still going to see a solid market. Price growth might be moderate but it’s certainly still likely. In our opinion, prices are likely to go up rather than down in the next 12 months.”