PERTH HOME OWNERS SELLING FOR PROFIT!

Perth property owners are reaping the benefits as we reach the end of a long market downturn, with more selling their homes for a profit in the September quarter 2020.

According to the latest CoreLogic Pain & Gain report, the rate of profit-making resales increased to 67.5 per cent, up from 63.1 per cent in the June quarter.

This improvement followed the start of a recovery in the second half of 2019, which was briefly disrupted by COVID-19 before rebounding strongly towards the end of 2020.

“The Perth housing market increased 1.9 per cent in value over 2020,” head of research Australia Eliza Owen said.

“While (values) still sit well below the record high values seen in 2014, (they) have started to increase off the back of a large correction, limited housing development, and signs of uplift in mining activity.”

During the reporting period houses across Perth typically saw the greatest returns, with 71 per cent selling for a profit, compared with 46.7 per cent of units.

While less than half of Perth units have sold for a nominal gain since January 2019, owners did see an improvement in the market in the September quarter with the rate of profit-making sales increasing from 41.6 per cent in the previous quarter.

CoreLogic expects Perth’s profit-making sales to continue to increase.

“Between low interest rates, low incidences of COVID19, and a pick-up in mining activity, the rate of profit-making sales across the city is likely to gradually improve,” Ms Owen said.

If you have been thinking of selling why not take advantage of the market and call the Mi Casa team today!