Perth listings continue to drop reaching a 10 year low in February
Perth's for sale listings dropped to a 10 year low in February, with just 7,899 properties listed on reiwa.com at the end of the month.
REIWA President Damian Collins said this was the seventh consecutive month listings for sale had declined in Perth.
“We’ve seen an extraordinary decline in listing volumes in a relatively short amount of time. In the span of a year, listings have dropped 36.5 per cent to now sit below 8,000 for the first time in about a decade. Buyers are very active in the market and soaking up stock at a rapid pace,” Mr Collins said.
The median time to sell a property sits at just 21 days in February. This is on par with January, but 25 days quicker than it was in February 2020.
"The last time we saw houses sell this fast was 2006,” Mr Collins said.
“It’s a hot market and buyers are understandably feeling pressure to make a swift decision. While it’s important to act fast on a property you’re interested in, I encourage buyers to use caution and not panic buy or get themselves into a situation where they pay over and above what the property is worth."
He mentioned that while property prices have increased in the last six months, they remain below what they were five years ago so there are still good deals to be had.
The rental market is performing similarly with just 2,839 properties for rent in Perth at the end of February.
This marks the sixth consecutive month were listings sit below 3,000. Mr Collins said Perth desperately needs an influx of rental stock in the market to provide renters with more housing options.
Perth’s Median Rent price held at the five year high of $400 per week in February, which is on par with January and $40 more per week than February 2020.
