Demand for units grows in tight property market
By: Paul DiLanzo
March 07, 2024

Units are selling almost as quickly as houses as desperate buyers seek to enter the property market. 

According to data, houses sold in a median of eight days in February, while units sold in a median of nine days. 

REIWA CEO Cath Hart said houses have been selling quickly for some time, but the speed of unit sales has accelerated in the past few months. 

“Units are selling 13 days faster than they did a year ago,” Ms Hart said. 

“Traditionally buyers prefer houses – we all like to have our own patch of land, and houses generally perform better than units in terms of capital growth. However, competition for houses is high, many buyers are missing out and they are turning to the unit market to find a home. 

“House prices have risen strongly in recent years, while units have remained relatively stable. This makes units a more affordable option for people seeking home ownership, particularly first home buyers or tenants looking to escape the rental roundabout.” 

According to data, the fastest selling suburbs in February were Parmelia, Camillo, Cooloongup, Craigie and Kardinya (four days); and Coolbellup, Forrestfield, Golden Bay, Heathridge and Meadow Springs (five days). 

The fastest selling suburbs for units were Atwell (four days); Spearwood, Tuart Hill and Wembley (five days); and Midland, Balga, Bentley, Dianella, Joondalup and Nollamara (six days).  

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Paul DiLanzo
With Paul's 27 years of working in the real estate industry combined with Hayley's 17 years and Montana's 13 years they have...