Q1 2024
The speed at which homes are selling is keeping the number of properties for sale at record lows across our city. The median time on market is the fastest since records were started being kept back in 1998. New listings are not being brought onto the market at the same pace by which they are being sold and this has led to less than 5500 being listed for sale at the end of June 2023. This unusual trend in market behaviour has meant that sellers are experiencing short sale campaigns and their properties are selling at high prices. Perth recorded a 0.9% rise in dwelling values in June with regional areas experiencing a 0.3% growth rate.
Economic forecasters predict that the number of new listings should rise during the second half of the year. This comes as welcome news to buyers who have not yet found their new home.
The message from the team here at Mint for those contemplating selling or leasing, is that the current conditions present fantastic opportunities to capitalise on your property asset. We have been busy with appraisals and we anticipate 2024 being another busy year here in the West.
Publish Date: 23/04/2024
The details noted above including any figures or statistics given are based on information provided by multiple sources including the Western Australian Land Information Authority, Corelogic, REIWA, domain.com.au and realestate.com.au. The statistics noted include results performed by multiple agents and agencies. Whilst all reasonable effort has been made to ensure the enclosed information is correct at the time of publication, Mint Real Estate does not warrant or guarantee the accuracy or completeness of the data.