This article is from the Australian Property Journal archive
PERTH’S fastest-selling suburbs this financial year are spending even less time on the market than the last, with buyer demand continuing to overtake supply.
According to the latest data from REIWA, Perth’s overall market median selling time for the 2021-22 financial year was just 15 days.
“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,” said Damian Collins, president of REIWA.
Photo: Matt Biocich
With Heathridge, Inglewood, Kingsley and Woodvale topping the top 20 fastest-selling suburbs for the period, with each boasting a median of just seven days on the market.
“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,” added Collins.
All but three suburbs recorded a decline in median selling times between the 2020-21 and 2021-22 financial year, with Kingsley remaining stable, while Shenton Park and Kinross gained a day each.
Photo: Wavebreak Media Ltd
Cooloongup saw the greatest decline, shaving off 12 days, while the North Perth median selling time was 10 days faster this year.
“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,” said Collins.
This is backed up by the top 20, with each suburb recording a median house sale price growth over the period.
North Perth saw the most significant price growth, with the median house selling for 26.7% more this financial year at $1.14 million. Kingsley followed with a 18.2% boost to a $715,000 median price, Coolbellup was up 18% to $550,000, Padbury up 17.9% up $660,000 and Shenton Park up 17.5% to $1.715 million.
“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,” added Collins.
“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,” concluded Collins.
| Suburb | Median selling days | 12 months change (days) | Median house sale price | 12-month change (%) |
| 1. Heathridge | 7 | -2 days | $530,000 | +8.2% |
| 2. Inglewood | 7 | -2 days | $942,000 | +10.8% |
| 3. Kingsley | 7 | 0 days | $715,000 | +18.2% |
| 4. Woodvale | 7 | -3 days | $745,000 | +12.9% |
| 5. Bedford | 8 | -5 days | $752,750 | +11.5% |
| 6. Currambine | 8 | -6 days | $640,000 | +5.8% |
| 7. Leeming | 8 | -6 days | $790,000 | +8.2% |
| 8. Winthrop | 8 | -6 days | $997,500 | +10.8% |
| 9. Carine | 9 | -1 day | $980,000 | +16.0% |
| 10. Coolbellup | 9 | -2 days | $550,000 | +18.0% |
| 11. Hamersley | 9 | -5 days | $617,500 | +15.4% |
| 12. Kinross | 9 | +1 day | $585,000 | +12.5% |
| 13. North Perth | 9 | -10 days | $1.14 million | +26.7% |
| 14. Padbury | 9 | -5 days | $660,000 | +17.9% |
| 15. Tapping | 9 | -3 days | $575,000 | +9.5% |
| 16. Cooloongup | 9 | -12 days | $355,000 | +16.4% |
| 17. Floreat | 9 | -4 days | $1.737 million | +9.3% |
| 18. Greenwood | 9 | -1 day | $607,750 | +12.6% |
| 19. Merriwa | 9 | -3 days | $380,000 | +10.2% |
| 20. Shenton Park | 9 | +1 day | $1.715 million | +17.5% |
