If you’ve been keeping up to date with the WA real estate market in the last 12 months and are keen to buy or sell over the festive season, then there’s certainly some immense competition out there between buyers who are trying to secure a property.
According to REIWA, property prices have experienced accelerated growth with the median house price reaching $520,000 in September up from $475,000 in July last year.
No wonder there is a buzz in the air at the moment with key market indicators telling a similar story. The median time to sell a home in Perth over the last year rapidly decreasing from 34 days to 18 days and listings for sale reducing by 20 per cent.
With record low interest rates, healthy yields, house prices on the rise and a very competitive rental market environment pushing rent prices up, it's a good time to consider investing in the WA property market.
In Perth the growth in median house sale price and median rent price has been widespread across the entire region. Given WA is currently in a growth cycle, the Festive Season is a great time to get into the market while prices are still relatively affordable.
REIWA’s Top selling suburbs – for the week ending 19 December 2021
North of the river:
Quinns Rocks 11
South of the river
View more information about how WA fared in REIA’s latest Housing Affordability Report.