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Perth has achieved a remarkable feat in the property market, with new data revealing that some suburbs saw houses sell in less than a week during the financial year 2022-23. The Real Estate Institute of Western Australia (REIWA) announced that the median days on market hit a record low in June, but it was the selling times throughout the year that truly stood out.

According to REIWA chief executive Cath Hart, the 2022-23 financial year was marked by houses selling quickly, with a new monthly record set in the last month of FY23, with a median of just 10 days on the market. Hart commented on the trend, stating, “Buyers have acted swiftly when they found a suitable house, they were also being prudent.”

The fastest-selling suburb for houses during the 12-month period to June was Leda, where homes sold in a median of five days. Other suburbs that experienced houses selling within an average period of a week included Merriwa, Orelia, Cooloongup, and Greenfields, all with a median of six days. Rounding out the top 10 suburbs with the lowest days-on-market average during the financial year were Brookdale, Camillo, Hillman, Parmelia, and Seville Grove, where houses were on the market for an average of eight days.

Interestingly, all of the top 10 fastest-selling suburbs had price ranges well below the Perth median house price, highlighting affordability as a key factor for buyers. Hart noted, “It’s a big change from last year’s top 10, where all the suburbs were over the Perth median house price at that time – the rise in interest rates has clearly played a role in this trend.” Perth’s median house price rose by 4.6 per cent over the financial year, reaching a new high of $555,000. However, the average prices across the top 10 fastest-selling suburbs for houses were all under $500,000. Merriwa had the highest median price at $445,000, while Camillo had the lowest at $355,000.

Hart explained the reasoning behind these figures, stating, “Buyers have seen their borrowing capacity reduced significantly in the past year, so this outcome signals they’re factoring in the possibility of more rate rises and are spending wisely.” In terms of units, Baldivis claimed the title of the fastest-selling suburb, with a median of only 12 days on the market for the financial year. Other suburbs in the top 10 list for fastest-selling units included Palmyra, Churchlands, Bibra Lake, Noranda, Bayswater, Joondanna, Cottesloe, Shenton Park, and Erskine, all with median selling times ranging from 14 to 17 days.

The Perth property market has witnessed a surge in demand, with buyers acting quickly to secure their dream homes. However, the focus on affordability and financial prudence has become increasingly important. As interest rates rise, buyers are being cautious with their spending and factoring in the possibility of further rate increases. With Perth’s property market continuing to thrive, it will be intriguing to see how the trends evolve in the coming years. As buyers adapt to changing economic conditions, the market is likely to witness further shifts in the fastest-selling suburbs and their respective price ranges.

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