Perth’s top 15 undersupplied suburbs
Data from the Real Estate Institute of Western Australia has indicated 40 per cent of suburbs in the Perth metro area have a lack of properties for sale.
Out of an analysis of 244 Perth suburbs, 95 were found to be lacking in supply, according to Real Estate Institute of Western Australia (REIWA) president Hayden Groves.
“1.3 per cent of the 818,000 properties across Perth are listed for sale, however when [you] 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,” Mr Groves said.
Nedlands topped the list as the suburb with the most limited supply, followed by Greenwood, with both offering just 0.4 per cent of their total stock for sale.
Following this were Heathridge, Ocean Reef and City Beach, all at 0.5 per cent.
In the top 15 suburbs, the majority had a faster selling time than the metro Perth area’s average at 72 days; only Ocean Reef took longer, and it was only by a single day at an average 73 days.
“Across the metro area, it takes 72 days to sell a home, but in Perth’s undersupplied suburbs, buyers are snapping up properties in places like Heathridge, for example, in as quickly as 29 days. It’s apparent there is stronger buyer demand in those suburbs with fewer listings,” Mr 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.”
More from this writer:
-
Where to find winners in the WA market
-
How rents have performed for investors so far this year
-
How to save money with a new repayment strategy
-
Popular capital cities on the rise as market softens over June
-
Cash rate call for July 2019 revealed
-
New property sales rebound over May
-
How far can a $500,000 budget get you in Sydney?