What were the fastest selling suburbs in Perth’s inner north in the 2021-22 financial year?
Well, that would be Inglewood and Bedford, with median days on market of 7 and 8 and ranking #2 and #5 in the Top 20 list of Perth’s fastest-selling suburbs reported by reiwa.com respectively.
As the highest-rated Agency in both Inglewood and Bedford, it’s nice to know that we at Red Fox played a role in those astonishing results.
Inglewood also joined the list of Perth homes with $1million+ median house prices for the first time, with a new median record of $1,070,479 at the end of May according to CoreLogic.
Perth now has a record 56 suburbs with median house prices above $1million, up from 43 last year.
North Perth also featured in the recently announced lists, coming in at #13 with its 9 median selling days. It also recorded the strongest growth in Perth house prices, increasing 26.7% over the financial year to reach a median of $1.14m.
One of the key reasons for the super quick sale times & housing price growth for properties locally is the continued lack of stock, particularly of quality renovated character homes.
Speculation continues about the direction of property prices nationally. The consensus seems to be that Perth’s relative affordability, low unemployment rate, buoyant economy, and low stock levels means, better insulates it from headwinds than other Australian capital cities, particularly compared to Sydney and Melbourne.
Perth’s median house price at the end of May 2022 was $555,538, following a 5.6 per cent price rise across the metropolitan area in the year.
Stay tuned for our June 2022 market review next week.