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Perth: Where properties are selling fast

Source: Australian Property Investor

The latest report released by RP Data, Property Pulse, shows that the Perth property market is recording the shortest amount of days on the market.

The report reveals that, on average, Australian houses took 80 days to sell, while units were taking 75 days over the 12 months to March 2014.

Yet, in Perth, houses are averaging on the market for 54 days, the shortest time around the country, with Sydney second at 59 days.

For units, the trends are similar, with Perth recording 56 days on the market.

This is an improvement compared to the same period in 2013, where houses took 94 days to sell and units 88 days, on average around the country.

According to RP Data research analyst Cameron Kusher, the fall is due to the amount of sales picking up and sellers becoming more empowered at the time of negotiation.

“If there’s less scope for negotiation and discounting, you’ll typically find that a property sells quicker which is the scenario currently at play.”

With mortgage rates tipped to remain low for the foreseeable future, it’s possible we could expect to see a further reduction in average days on the market.