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Perth Set To Break Property Price Record
Friday, January 15, 2010
The real estate industry's peak body predicts Perth's average house price could soon hit record highs, as the number of days to sell a property falls substantially. Data released by the Real Estate Institue of WA shows the average number of days it took to sell a property in the three months to December was 54, down 10 on the September quarter.
The surge has come off the back of 'trade-up' buyers, with homes in the $600,00 - $750,000 price bracket making up 14 per cent of properties changing hands in the quarter, up from 6 per cent on the same time last year.
Houses in the $750,000 - $1M bracket made up 9 per cent of sales, up from 6 per cent, while those between $1M and $2M accounted for 6 per cent, up from 4 per cent.
Previously, homes in the $500,00 - $600,00 bracket dominated sales, while first home buyers were the key to the start of the housing recovery, backed by the first-home owners grant boost, which has now been removed.
Spokesman for REIWA said the ramp up in 'trade up' buyer activity would soon see the $475,000 average price record, which was set in December 2007, broken. "We have recovered almost all the decline in the median price (since then)."
- REIWA