May was another solid month of growth for the Perth property market, which is an encouraging sign that the recent increases to the cash rate has not stifled demand.
As a result of Perth’s affordability and lower mortgages compared to our eastern states counterparts, concerns due to the recent interest rate rises are not nearly as significant here in Perth as some of the other states. Perth is now outperforming both Sydney and Melbourne in price growth with Sydney’s median price dropping 1% in May and Melbourne dropping 0.7%, while Perth recorded an increase of 0.6%.
The median time to sell a house was 13 days during May, which is the same number of days as in April and actually one day faster than May 2021.Based on what we’ve seen so far this year, properties are continuing to sell fast and Buyers need not only to act quickly but also present their best offer first to avoid missing out.
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(Source: reiwa.com.au)