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Perth is experiencing an “extraordinary” decline in listing volumes, with sales listings hitting a 10-year low in February.
In the span of a year, listings have dropped 36.5 per cent to sit at just 7,899 properties for the first time in a decade, new data from REIWA has revealed.
According to REIWA president Damian Collins, this is the seventh consecutive month that listings for sale had declined in.
“Buyers are very active in the market and soaking up stock at a rapid pace,” Mr Collins said.
CoreLogic data shows Perth’s home value index lifted 1.5 per cent in February.
“This is on top of the 1.6 per cent increase in January and represents the sixth month in a row we’ve seen the index continue to climb,” Mr Collins said.
REIWA data puts Perth’s median sale price at $490,000.
“There were 50 Perth suburbs that saw their median sale price increase in February,” Mr Collins said.
The suburbs with the biggest increases were East Fremantle (up 5.7 per cent), South Yunderup (up 5.2 per cent), Seville Grove (up three per cent), Cloverdale (up 2.7 per cent) and Ballajura (up 2.5 per cent).
Other suburbs to record median sale price growth were Wellard, Landsdale, Warnbro, Gosnells and .
But despite the substantial spikes in price in the last six months, Mr Collins confirmed they remain below what they were five years ago, meaning “there are still good deals to be had”.
As for the median selling days, reiwa.com data shows the median time to sell a property was 21 days in February, which is on par with January, but 25 days quicker than in February last year.
“The last time we saw houses sell this fast was 2006,” Mr Collins said.
“It’s a hot market and buyers are understandably feeling pressure to make a swift decision. While it’s important to act fast on a property you’re interested in, I encourage buyers to use caution and not panic buy or get themselves into a situation where they pay over and above what the property is worth,” he concluded.