Perth Property Sales Soar!

Properties sold like hotcakes in December, with sales 42.5 per cent higher than the same time in 2019.

The Real Estate Institute of WA recorded 3067 transactions for the month, which president Damian Collins said was not the norm.

“Traditionally December experiences a reduction in the number of house sales due to buyers going away for the festive period, yet we have seen a significant increase in buyer activity, which suggests that people are taking advantage of the market conditions while they are unable to travel,” he said.

“Agents have reported that good, quality stock is being snapped up fairly quickly and, with listings for sale decreasing 16.5 per cent in December, it is only a matter of time before median prices start to increase.”

REIWA is forecasting between six and 10 per cent price growth in 2021 and values are already on the move, with the latest figures from CoreLogic showing 1.1 per cent growth in December and 2.8 per cent over the quarter.

After many years of negative or no price movement, Perth also recorded growth over the year, up 1.9 percent to $471,310.

According to reiwa.com data 45 per cent of suburbs saw an increase in median price last month.

“Kelmscott saw the largest increase in median sale price in December with a 6.2 per cent increase to $375,000, followed by Yokine with a 4.8 per cent increase to $650,000 and Wellard with a 4 per cent increase to $399,500,” Mr Collins said.

“Rounding out the top five was Girrawheen, which also experienced a 4 per cent increase to $310,000, and Applecross with a 3.4 increase to $1.5 million.”

Activity was also up in the tight rental market, with 3655 properties leased in December, an increase of 9 per cent on November.

Mr Collins said leasing figures had been declining in recent months, but it was pleasing to see them pick up at a time when activity traditionally slowed.

“While leasing activity increased, we saw listings continue to decline, with a 14.5 per cent decrease when compared to November and 56.6 per cent decrease when compared to December 2019,” he said.

Reiwa.com data shows leasing activity increased in 100 suburbs last month, with East Victoria Park, Harrisdale, Cloverdale, Aveley and Port Kennedy the biggest improvers.

Other suburbs to perform well were Willetton, Maylands, Clarkson, Bayswater and Applecross.

Perth’s overall median rent rose $5 to $395 per week in December — the fourth consecutive monthly increase — and is the highest it has been since February 2016.

“In December it was Perth’s higher end of the market that dominated the top suburbs to see an increase in median weekly rent, with Mt Pleasant and Duncraig increasing 4 per cent to $550 and $520 per week,” Mr Collins said.