“A PERFECT STORM” FOR PERTH HOUSING MARKET!

Perth houses are being snatched up before they are even listed as the state experiences a clamour for property not seen in 15 years.

REIWA statistics showed during the December quarter the average time it took for a Perth house to sell was nearly halved to 21 days, compared to 38 days the year before.

Curtin University housing expert Steven Rowley said the interest had been brought on by a perfect storm of COVID-19 and other market factors.

“The market was showing strong signs of recovery pre-COVID and a lot of that demand has been held over until now so there’s a big flood of buyers that would have been coming back into the market after a period of very slow activity,” he said.

“There’s also the herd mentality as well. A lot of these people have been sitting off buying and just waiting until the market bottomed out and have seen stories of price growth and so forth.”

Australians returning to Perth from overseas and the eastern states are also contributing to the growing pool of people looking to buy up in the west.

Professor Rowley said the decision to buy a house on arrival rather than rent could be due to the uncertainty surrounding the pandemic.

“That increasing sense of insecurity in the rental market and people reading stories about rents potentially going up and vacancy rates coming down is making them feel like they better get out there and buy,” he said.

“I think there’ll be a number of months of this strong activity fueled by people coming back into the state and others not wanting to miss out.”

If you are thinking of selling, contact the Mi Casa Property on 08 9339 7079 to discuss how we can help you with your property journey in 2021!