Perth’s top selling suburbs in 2019 revealed

According to the latest reiwa.com data, Perth’s top selling suburbs for 2019 was led by Lakelands which saw a 36 per cent increase in sales activity and Wembley which was the quickest suburb to sell, taking 39 days on average to secure a sale.

REIWA President Damian Collins said while the property market experienced fairly subdued conditions in 2019, it is positive to see there are suburbs that have improved over the year.

Top suburbs by sales activity growth

^{* Data in this table is filtered for suburbs with more than 28 house transactions during the 12 months to November 2019 in Greater Perth.}

“Last year, sales activity in Perth decreased five per cent, while 57 suburbs bucked this trend to show an increase in activity, with Lakelands demonstrating a 36 per cent increase,” Mr Collins said.

“Mundaring and Alfred Cove closely followed with a 30 per cent increase in sales activity for the year. Rounding out the top 10 was Manning (28 per cent), Swanbourne (27 per cent), The Vines (24 per cent), Carine (24 per cent), Waikiki (21 per cent), Heathridge (16 per cent) and Erskine (14 per cent).”

Of these top suburbs, seven of them also saw increases to their median sale price, with Swanbourne showing a 6.3 per cent growth to $1.572 million.

“Increase in sales turnover and a reduction in selling days is often a leading indicator of future price growth in a suburb” said Mr Collins.

“While sales activity in the lower-priced end of the Perth market remains soft, activity in the 600,000 plus price range has strengthened, which has created increased demand among trade up buyers who now make up 53 per cent of buyers.”

Top suburbs by average days to sell

^{* Data in this table is filtered for suburbs with more than 28 house transactions during the 12 months to November 2019 in Greater Perth.}

According to reiwa.com data, it took an average of 84 days to sell a house in Perth during 2019, whereas in suburbs like Wembley, Heathridge and West Leederville, sellers are securing buyers for their properties a lot faster.

“Increased demand in good, quality stock is creating competition between buyers, resulting in quicker selling times and higher sale prices. As we head further into 2020, the suburbs to watch are the ones where the number of days to sell a house are well below the Perth average,” Mr Collins said.

“Home owners in these suburbs who are thinking of selling are well placed to secure a sale at a favourable price and should listen to the advice of their real estate agent to ensure they price their property in line with market conditions.”

Article, REIWA