Perth records the nation’s sharpest decline in total property listings

Feverish buyers are snapping up homes so quickly that Perth recorded the sharpest decline in total listings of all capitals over the past year.

Though a new PropTrack report shows new listings in Perth were up 3.1 per cent in May compared to the same time last year, demand has seen total stock plummet 23.4 per cent below its level 12 months ago.

PropTrack senior economist Paul Ryan said properties in Perth were being sold at a record rate of just 33 days, on average, over the past year.

“This is the second-lowest number of days after Brisbane and is well below the national figure of 43 days,” he said.

“This means that homes that are listed are being sold quickly, and the total number of listings is now less than half the level seen before the pandemic in May 2019.”

According to Mr Ryan, Perth’s lack of stock on the market and quick selling of newly listed properties will continue to put upward pressure on prices across Perth.

Meanwhile, Real Estate Institute of WA figures show that the median time on the market for houses in Perth is just eight days.

The Agency property partner Corey Adamson said he’d spent longer to buy a new t-shirt than some buyers were taking to purchase a home in Perth.

“We are selling properties in one day, two days. People are making offers sight unseen,” he said.