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Perth auction rates, property p...

Perth auction rates, property prices rise

Clearance rate at Perth auctions are on the up.

Demand for Australian property continues to show strength, particularly in Perth.

Prices in the Western Australian (WA) city rose one per cent in May, the only gain registered in a state capital.

In addition auction clearance rates recently approached 54 per cent, according to RP Data, pushing Perth above other mainland capitals such as Brisbane and Canberra.

"Our offices are reporting a surge in auctions in recent months, as WA homeowners turn to auctions as a tried and true method of achieving the best price for their homes,” said Raine & Horne’s WA manager, Phil Hayes.

He was a recent entrant in the REIWA State Auctioneering Championships heats, whose finals are to be held on July 3rd.

"The championships also highlighted the growing popularity and interest in auctions as a premium way of selling in WA," added Mr Hayes.

Part of the reason why the market is so buoyant in Perth is that residents desire their own home in the suburbs.

Research by the city's Department of Housing and Department of Planning found that 79 per cent aspire to have a detached house of their own. Pressure on the supply of detached houses may be helping to push prices higher.

Posted by Craig Francis

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