Perth Property Market: Units Selling Faster and Rental Yields on the Rise

The real estate market in Perth is hotter than ever, with houses selling faster than ever before. According to recent data, houses took a median of just nine days to sell in January, one day faster than in December and a whopping 15 days faster than a year ago. This trend is reflective of the growing demand for units as well, with the time on market for units falling to a median of 13 days in January, compared to 43 days just 12 months ago.

Experts predict that units are about to have their moment in the sun, with a significant uptick in activity and strong upwards pressure on values. The lack of properties for sale has shifted the focus for many buyers from seeking value to simply securing a roof over their head in Perth’s competitive market.

The desperation in the market is particularly evident for those looking to secure a rental property, with some even at risk of becoming homeless if they cannot find a property. In some of Perth’s outer suburbs, the strong rental market is resulting in higher-than-usual gross yields, providing opportunities for investors.

Overall, the real estate market in Perth is experiencing a frenzy, with buyers willing to go to great lengths to secure a property. As the market continues to evolve, it will be interesting to see how these trends impact the housing market in the coming months.