The Perth real estate market continued to gather pace in March, with CoreLogic data showing a further 1.8% lift in prices, bringing total growth for the quarter to 5%. This is the seventh month in a row the index has increased with no signs of a slowdown.
In the space of 12 months, the median time to sell a property has dropped from 43 to 17 days. And we can report that almost everything we’ve put on the market since November has sold in less than a week, all with multiple offers.
Listings for sale rose slightly during March to reach 8247, but are still almost 33% lower than the same time last year.
Now that the rental moratorium has ended, we are seeing more landlords exploring the idea of selling their investment properties, which may introduce more stock to the market. That said, there is significant nervousness amongst owner occupiers around selling due to their concerns about not being able to find another suitable home, which anecdotally seems to be exacerbating the undersupply.
Whilst interest rates remain low and Perth continues to experience a net inflow of interstate migration and positive economic outlook, we expect the outlook for local property market conditions to continue to remain positive.
If you’d like an update specific to your property, we’d love to help. Call Natalie now on 0405 812 273 or email [email protected] to tee up a time to chat.