Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA

Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA
Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA

Nearly 40 per cent of Perth suburbs have a limited supply of houses for sale, a recent analysis by the Real Estate Institute of Western Australia found. 

The analysis of 244 suburbs in the Perth metro region found 95 had limited choice for buyers, REIWA president Hayden Groves said.

“1.3 per cent of the 818,000 properties across Perth are listed for sale, however, when take a closer look, 95 suburbs have listing levels below this. While some of these suburbs have marginally less choice than the overall Perth average, others have significantly less,” Groves said. 

Nedlands and Greenwood are the most undersupplied suburbs, with just 0.4 per cent of housing in their areas up for sale. Heathridge, Ocean Reef and City Beach follow closely with 0.5 per cent. 

For example in Nedlands, where the median house price is $1,445,000, a recent example of a house that sold was at 83 Bruce Street. The listed price was $1,395,000, having been advertised on August 23, 2017. It sold for $1,360,000 on September 13, according to CoreLogic RP Data.

The difference between the advert date and sale date implies it was snapped up in just three weeks.

Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA 

In Greenwood, where the median house price is $510,000, a four-bedroom house at 5 Leaside Way (picture above) was listed for $530,000 and is under offer currently, according to REIWA’s website and CoreLogic RP Data.

Of the 95 undersupplied suburbs, 45 have less than one per cent of their homes for sale. 

 Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA

Nedlands slim pickings as Perth buyers face limited choice in almost 40 per cent of Perth suburbs: REIWA

“The recent narrative surrounding the Perth property market is that we have abundant listing stock, but we have found that whilst some suburbs provide buyers with plentiful choice, a substantial proportion do not,” Groves said. 

Further analysis of Perth’s 15 most undersupplied suburbs found all but one had significantly faster average selling days than the Perth average. 

On average, it takes 72 days to sell a home across the Perth metro area, but in the undersupplied suburbs such as Heathridge, a property can sell in 29 days. 

“It’s apparent there is stronger buyer demand in those suburbs with fewer listings,” Groves said. 

“Home owners in these undersupplied suburbs who are thinking of selling are in a very good position. With less stock to choose from, buyers have more competition, meaning there is a better chance for sellers to achieve a quicker sale at a competitive price in these markets.” 

 

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Perth Reiwa

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