Perth Housing Market Update: Units Sell Faster as Demand Increases

In a surprising turn of events, houses in Perth took a median of only nine days to sell in January, which is one day faster than December and a significant 15 days faster than a year ago. The demand for units is also on the rise, with the time on market dropping to a median of just 13 days in January, compared to 43 days a year ago.

According to experts, units are about to have their moment in the sun in the Perth property market. Despite a modest 0.5% increase in median unit price to $410,000, there has been a 2.2% year-on-year growth, with days on market reducing drastically. Valuers are reporting a significant uptick in activity and strong upwards pressure on values for units.

Managing director Trent Fleskens of Strategic Property Group noted that the lack of properties for sale has shifted buyers’ focus from seeking value to simply securing a roof over their heads. Buyers are now less price-sensitive and more accepting of market values in the face of a competitive market.

The desperation in the market is especially pronounced for those looking to secure a rental property, with some at risk of becoming homeless if they cannot find a property soon. In outer suburbs where properties are more affordable, there has been an increase in rental yields, with some areas seeing yields ranging from 6 to 9%.

Overall, the Perth property market is experiencing a shift towards faster sales, higher rental yields, and increased competition for properties. Desperate buyers are going to great lengths to secure a property, highlighting the intense nature of the current market conditions.