LAND SALES DOUBLED IN 2020!

Perth land sales almost doubled in 2020, spurred on by government incentives.

The Urban Development Institute of WA’s Urban Development Index recorded 10,035 new lots sales last year, compared to about 5200 in 2019.

The bulk of the sales occurred in the June and September quarters, with numbers dropping 46 per cent in the December quarter.

“While new land sales dipped in the December quarter, they remained much higher than the rolling five-year average of 1,579 lot sales per quarter that was experienced between 2015 and 2019,” chief executive Tanya Steinbeck said.

“The dip can most likely be attributed to the winding up of the stimulus measures which were only available until December 31, 2020,” Ms Steinbeck said.

“With timeframes for building commencement also attached to stimulus eligibility, builders were operating at capacity and some had to close their books for a period to ensure they could meet new home builders needs in securing the stimulus payments this year.”

While sales surged, prices remained relatively steady.

The average price of new land in the Perth metropolitan area was $240,651 in the December quarter, 6 per cent higher than the same time last year.

Ms Steinbeck said Perth remained relatively affordable compared with other capital cities and that was good news in attracting more investment into the local market.

“We have an emerging rental crisis in Perth with a sub 1% vacancy rate,” Ms Steinbeck added  “We need to do what we can to attract investors into our market to boost the supply of rental stock immediately.”

If you have a property that needs leasing, please call us today on 08 9339 7079 to discuss how not only how we can help get your property leased but also save you in management fees with our flat fee offer.

#rentalproperty #rentalmarket #perthrentals #micasa #micasaproperty #perthproperty #perthrealestate #perthhomes #perth #realestate #realestateperth #perthisok #propertyperth #perthlife #perthrealestateagent #perthwa #realestateagent #warealestate #residentialrealestate