Going, going, gone: The Perth suburbs where houses are selling like wildfire

Perth homes are continuing to be snapped up in record time with houses selling in a median of eight days in June, three days faster than a year ago.

The latest data from the Real Estate Institute of Western Australia shows units sold in a median of 11 days – nine days faster than a year ago.

The fastest-selling suburbs in June were Camillo and Thornlie (four days) and Mandurah, Ballajura, Eglinton, Huntingdale, Leeming, Queens Park, Wanneroo and Wellard (five days).

REIWA chief executive Cath Hart said while there had been a softening in the rental market, when it came to sales, homes continued to fly off the shelves.

“There are no signs this will change soon,” she said.

“With competition so high, we recommend potential buyers get their finance approved before they hit the market to put them in a strong position when they make an offer.”

Hart said current conditions meant buyers had to be patient and persistent.

“They will eventually find a home but are very likely to receive several knockbacks along the way,” she said.

“When this happens, it can be worthwhile speaking to the agent about the offer the sellers chose.

“While price is often a factor, they may have also looked favourably on an offer that will allow for a longer settlement or a rent-back period; or a cash offer.”

Active listings for sale settled at 3265 at the end of June, marginally lower than May and nearly 40 per cent lower than a year ago.

Hart said while there was a perception there were no homes for sale, data showed more properties came to market in the first six months of 2024 than the same period last year. they were, however, selling almost straight away.

Houses reached a record median sale price of $660,000, up 1.5 per cent on the $650,000 reported in May and 17.9 per cent higher than June 2023.

The median unit sale price also rose over the month, increasing 1.3 per cent to $440,500. This was 10 per cent higher year-on-year.

Ray White Group senior data analyst Atom Go Tian said as property prices continued to climb in the west more suburbs were tipped to join the million-dollar club, including Yokine, Coolbinia, Menora and Serpentine-Jarrahdale.

As of May 2024, there were 857 suburbs in Australia with a mean house price of at least $1 million.

“Perth has the third [fewest] million-dollar suburbs among major cities with 46 compared to 300 in Sydney, 169 in Melbourne, 110 in Brisbane, and 70 in Canberra,” he said.

“Still, this has already doubled compared to pre-pandemic levels (21 suburbs in 2020) and the last 12 months saw 16 suburbs added to the list.”

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