“The Times - They Are A Changing”

“The Times - They Are A Changing” 02/02/2018

PERTH PROPERTY MARKET GAINING MOMENTUM
 
“Almost 40% of Perth Suburbs Have a Shortage of Homes For Sale, Says REIWA”
 
DESPITE there being nearly 12,000 properties for sale in Perth, almost 40 per cent of suburbs have a shortage of homes for sale, according to REIWA. President Hayden Groves said analysis of 244 Perth suburbs found 95 had limited choice for buyers.

“About 1.3 per cent of the 818,000 properties across Perth are listed for sale, however when you take a closer look, 95 suburbs have listing levels below this,” he said. “While some of these suburbs have marginally less choice than the overall Perth average, others have significantly less.”

Of the 95 undersupplied suburbs, 45 had less than 1 per cent of their homes for sale. Nedlands and Greenwood were the most undersupplied suburbs in Perth, with just 0.4 per cent of housing stock available for sale. Heathridge, Ocean Reef and City Beach followed closely with 0.5 per cent.

“The recent narrative surrounding the Perth property market is that we have abundant listing stock, but we have found that whilst some suburbs provide buyers with plentiful choice, a substantial proportion do not,” Mr Groves said.

Reiwa.com’s analysis of Perth’s 15 most undersupplied suburbs found all but one had significantly faster average selling days than the Perth average.

“Across the metro area it takes 72 days to sell a home, but in Perth’s undersupplied suburbs, buyers are snapping up properties in places like Heathridge for example, in as quickly as 29 days,” Mr Groves said. “It’s apparent there is stronger buyer demand in those suburbs with fewer listings. Home owners in these undersupplied suburbs who are thinking of selling are in a very good position. With less stock to choose from, buyers have more competition, meaning there is a better chance for sellers to achieve a quicker sale at a competitive price in these markets.”

SOURCE: REIWA