Perth Housing Market: The Ten Fastest-Selling Most Profitable Suburbs

POCKETS of Perth’s prop-erty market proved anything but sluggish last year with homes in Mount Claremont and inner-city Leederville snapped up in just four weeks on average.

The quick turnaround puts the two in a tie atop the list of Perth’s 10 fastest-selling profitable suburbs in the year to October 2017, according to the Real Estate Institute of WA.

With the trade-up market pacing Perth’s real estate revival last year, seven of the top 10 suburbs for sales speed fetched median prices in excess of $1 million.

With 120 sales, third-placed Nedlands was the busiest market while Wembley Downs, which crept into the list in 10th, had the biggest median price increase of 7.6 per cent.

“Supply in these suburbs has tightened considerably, with well-priced, quality family homes in aspirational locations attracting strong demand,” REWIA president Hayden Groves said.

Long-time Leederville resident Leigh Richmond knows that houses in the sought-after suburb very rarely hit the market, so when they do, you have to be quick.

The ten fastest-selling profitable suburbs.

With one eye on retirement, Mrs Richmond and her husband Kevin recently bought a 600sqm home that they hope to subdivide as part of plans to downsize and remain in the suburb they have called home since the mid-1980s.

“It went on the market on a Friday, we viewed it the Saturday and put in an offer that same night,” she said.

After originally moving to Leederville to be closer to the church she attended, Mrs Richmond said she had enjoyed watching the area change over time.

“When I moved here there were zero cafes and now there are obviously lots,” she said.

“Leederville has always had really good transport links — my daughter Stephanie catches the train to Murdoch University — but now the whole area also has great walkability and amenities.”

“Nestled between a freeway and a swamp” is hardly the kind of line likely to appear on a real estate listing but that did not stop dark horse Gwelup from landing equal sixth on the list.

With just 1600 houses, the tiny northern suburbs locale tucked up against Mitchell Freeway was in hot demand last year with median prices rising 4.9 per cent to $865,500 and sales secured in just 40 days on average.

Among Gwelup’s newest additions are Polly Kueh, her husband and their two children, who admit they had never heard of the suburb until it popped up during a search for homes in neighbouring Stirling, but ended up happy with their purchase.

“We were living in Noranda previously and now we’re much closer to family and the kids’ schools (Hale School and St Kieran Catholic Primary),” Mrs Kueh said.

Thought Leaders Real Estate agent Jo Dattilo said Gwelup was benefiting from major development at Karrinyup Shopping Centre, which is just a stone’s throw away.

“The market has been very active lately — we sold three homes in the week before Christmas,” she said.

At a median price of $772,500 Alfred Cove, the site of the proposed wave park in the City of Melville, was another surprise entrant at ninth with homes sold within 42 days.

The ten fastest-selling profitable suburbs.