The top Perth suburbs for property price growth

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Spencer said the inventory level is the amount of time it would take to sell all the properties in a particular location, if they kept selling at the current rate and no more properties were added to the market.

Over the past three months the median asking price of a house in Wembley Downs has also risen 3.1 per cent to $1.25 million.

Spencer said in all 20 of the suburbs, days on the market had either remained unchanged over the past three months or fallen.

“When properties sell more quickly, that’s another sign of growing buyer competition,” he said.

“When supply falls and demand rises, vendors take notice.

“As a result, in all but four of the 20 suburbs, vendors raised their asking prices over the quarter.”

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Strategic Property Group managing director Trent Fleskens said there were dozens more Perth suburbs that could be added to the list that also had supply and demand issues.

“Demand for properties won’t decrease and we don’t have the physical solutions to add more supply into the market,” he said.

“Currently the stock on the market is lower than last year and demand is the same.

“There is no alternative but for buyers to pay what sellers demand.”

Perth has the cheapest median house price out of all the capital cities.

Buyers’ agent say east coast investors have been flooding Western Australia’s sub-$500,000 property market, attracted by low prices, a historically low vacancy rate, high rental returns and strong capital growth prospects.

REIWA chief executive Cath Hart said competition was fierce for affordable properties and buyers must act quickly to secure a property.

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