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Kingsley and Woodvale were among the 20 fastest-selling suburbs in Perth during the 2021-22 financial year
each recording a median selling time of just seven days
REIWA president Damian Collins said market conditions across Perth were strong
which was reflected in the very fast median selling times recorded by these 20 suburbs
“Every suburb on this list had a median selling time of nine days or less during the 2021-22 financial year
median selling times sit between 30 and 40 days
so for these suburbs to be posting single-digit median selling times is a testament to the strength of the WA market and the high level of buyer demand being experienced across the state.”
The overall Perth market median selling time was 15 days
18 sold faster than they did the previous year
The stand-out improvers on the list were Cooloongup (12 days faster) and North Perth (10 days faster)
all 20 suburbs on the list recorded median house sale price growth
with its median house sale price increasing 26.7 per cent to $1.14 million
followed by Kingsley (up 18.2 per cent to $715,000)
Padbury (up 17.9 per cent to $660,000) and Shenton Park (up 17.5 per cent to $1.715 million)
Collins said when competition among buyers was high and properties were selling quickly
“REIWA anticipates WA’s strong market conditions will last for some time
largely fuelled by the state’s strong economy
1.2 per cent expected growth in population and the ongoing housing shortage,” he said
two bathroom home in Kingsley is on the market for $759,000
“We simply don’t have enough stock to keep up with demand
we will continue to see high competition amongst buyers
low median selling times and price growth in WA.”
Perth property commentator Gavin Hegney said the adjoining suburbs of Kingsley and Woodvale represented excellent value for money
“These suburbs sit on the sidelines of Lake Joondalup which is an area larger than Kings Park and is one of the great recreation areas of the north
with a chain of lakes and paths that is extremely popular with families,” he said
Hegney said he anticipated the Australian housing market would go into a recession within the next 18 months as interest rate rises began to bite
but he expected Perth property prices would fare better than the eastern states
“The mid-to-upper-end range of the mortgage belt market will be the hardest hit with interest rate rises,” he said
“Most of the debt sits in the $750,000 to $2 million bracket and people have used cheap interest rates to upgrade and they could see their mortgage repayments double.”
\\u201CEvery suburb on this list had a median selling time of nine days or less during the 2021-22 financial year
which is exceptionally fast,\\u201D he said
so for these suburbs to be posting single-digit median selling times is a testament to the strength of the WA market and the high level of buyer demand being experienced across the state.\\u201D
\\u201CREIWA anticipates WA\\u2019s strong market conditions will last for some time
largely fuelled by the state\\u2019s strong economy
1.2 per cent expected growth in population and the ongoing housing shortage,\\u201D he said
\\u201CWe simply don\\u2019t have enough stock to keep up with demand
low median selling times and price growth in WA.\\u201D
\\u201CThese suburbs sit on the sidelines of Lake Joondalup which is an area larger than Kings Park and is one of the great recreation areas of the north
with a chain of lakes and paths that is extremely popular with families,\\u201D he said
\\u201CThe mid-to-upper-end range of the mortgage belt market will be the hardest hit with interest rate rises,\\u201D he said
\\u201CMost of the debt sits in the $750,000 to $2 million bracket and people have used cheap interest rates to upgrade and they could see their mortgage repayments double.\\u201D