Sales at the Highest Level in 7 years

Perth housing sales have surged to their highest level since the city's last property boom seven years ago, partly due to a tightening of supply and buyers flocking to the COVID-19 "safe haven" of Western Australia.

In the three months to November, established home sales in Perth were 29 per cent higher than in the same period last year, according to data from the Real Estate Institute of WA (REIWA).

It was the largest volume of sales over that period since the city's last property boom in 2013.

Perth has seen a jump in house and unit sales in the three months to November in 2020, compared to previous years

Market analysts said the increase in sales activity began in late 2019 with a tightening of housing supply and low levels of investor and construction activity.

"Through 2020, as economic confidence has improved, we've seen a big spike in demand, which then has led to the kind of buyer competition and price increases that we're starting to see," Emma Everett, from property investment consultancy Momentum Wealth, said.

Ms Everett said REIWA data for the first two weeks of December indicated sales activity was heating up even further.

"So far, December is 62 per cent up on the same time last year," she said.

"We're not seeing any reason for property transactions to slow down into 2021. In fact, we might see it become even more heated as the year unfolds."

If you have been considering buying or selling, get in touch with the Mi Casa team to discuss how we can make your property journey a smooth one.