What suburbs were hot in Perth for 2017?
How long does it take for homes to be sold in Perth? This week, we'll take a lookback to see which suburbs had homes with the least median days on market throughout 2017.
The median days on market figure is calculated by comparing the date at which a property is first listed for sale to the date a contract is signed. Furthermore, this data excludes auctions and only includes properties that have been sold in private sales.
In Perth, Heathridge had a median value below the city-wide median while the other four suburbs are relatively closer to the city centre and have higher values. Myaree tailed with an average of 22 days for a home to be sold in the area.
Meanwhile, Leederville led with the least median days on the market with an average of 17 days. This is followed by Shenton Park with 19 days. The other hot suburbs were Trigg and Myaree.
Housing demand in Perth has experienced a dip since 2014, but recent sales volumes have been improving after values have fallen by around 12% since their peak.
For units, four of the five suburbs with the least days on markets in Perth have median values that were well above the Greater Perth median. In fact, a number of the suburbs are amongst some of the most expensive unit markets in the city sitting within some of the most prestigious suburbs.