BUTLER was among the top 10 suburbs recording a fast time to sell a house in November, according to REIWA.
The median time to sell a house was 15 days during November with reiwa.com data showing the fastest-selling suburbs were East Cannington (four days); Meadow Springs (five days); Orelia, Mount Lawley, Cooloongup and Golden Bay (six days); followed by Parmelia, Beeliar, Bayswater and Butler (eight days).
REIWA chief executive Cath Hart said Perth houses were selling at a remarkable rate and had done so since the March quarter 2021.
“While our members are reporting fewer people at home opens, they are still receiving multiple offers,’’ she said.
“Naturally some buyers have been impacted with reduced purchasing power but demand is still high enough to see properties selling quickly.”
There were 8642 properties for sale on reiwa.com at the end of November.
This is an increase of 5.8 per cent on the 8169 reported the previous month, but 5.1 per cent lower than levels seen a year ago.
“The delays in the building industry coupled with some hesitancy, are affecting the number of properties for sale,” she said.
“People who are building new homes are reluctant to list their current home before their new home is complete.”
She said people looking to buy an established home were also waiting to sell until they had found a new home, which reduced the number of properties for sale.
“Building completions are expected to improve over the next 18 months and when they do the low supply of established housing will start to improve.”
REIWA said CoreLogic’s Perth home value index remained stable in November.
Brisbane and Hobart recorded the largest decline (2 per cent), while Darwin was the only capital to record an increase (0.2 per cent).
Ms Hart said the Perth index had hardly changed since May when interest rates started rising.
“The increases have added $760 per month to a $500,000 mortgage since May, while those on a mortgage of $1 million have seen repayments increase $1520 per month.
“Rising interest rates have clearly impacted prices and borrowing capacity in the eastern states.
“Perth, on the other hand is very well-placed to weather the changes in interest rates.
“The Western Australian economy and finances are among the strongest in the world.
The population continues to grow and WA has one of the lowest unemployment rates in the country.
She said at a recent RBA meeting they noted there were currently more ads for jobs in WA than active candidates.
“Meanwhile, Perth is the most affordable capital city in Australia.
“These factors are all supporting the property market and there is nothing right now indicating that house prices will fall drastically any time soon.”
The top performing suburbs for house price growth in November were Bentley (up 3.1 per cent to $500,000), Subiaco (up 2.1 per cent to $1,675,000), Bayswater (up 2.1 per cent to $720,000), Dawesville (up 2.0 per cent to $520,000) and Falcon (up 1.9 per cent to $453,500).
The other suburbs to record strong house price growth were Sorrento, Parmelia, Kelmscott, Heathridge and Tapping.