REIWA data shows strongest month in real estate sales in Perth since 2015
Perth has recorded one of its strongest months for real estate sales since 2015, according to the Real Estate Institute of WA.
Transactions in Perth real estate increased 55.1 per cent in June, compared to May and 45 per cent higher than June 2019.
June reiwa.com data shows the strongest month for sales in Perth since 2015.
Stuart Cox, General Manager WA for The Agency told WILLIAMS MEDIA that pent up buyer demand is being driven by low interest rates and government grants.
“First home buyers entering the market are opening up the ladder for the mid and high tier buyers,” said Mr Cox.
Mr Cox said The Agency had 235 new listings for the month and 288 under offer to a value of $133,257,359.
REIWA President Damian Collins said it’s clear the recent Federal and State Government building bonus grants have boosted transactions last month.
At a Glance:
- 3,990 sales transactions in June with dwellings up 15 per cent and land sales up 289 per cent
- Perth transactions in June increased 55.1 per cent compared to May
- Median house price remained unchanged for June, at $475,000
- Median land sale price increased five per cent compared to this time last year at $250,000
“reiwa.com data shows there were 3,990 sales transactions in June, with 2,519 of these dwellings (up 15 per cent) and 1,471 land sales (up 289 per cent),” said Mr Collins.
“The large spike that we have seen in land transactions can be attributed to people fearing that they may miss out on these grants.
“There is a real possibility that we will run out of titled and completed blocks in the coming months.”
The top suburbs to see an increase in transactions were Willetton, Thornlie, Girrawheen, Dudley Park and High Wycombe.
reiwa.com data revealed the median house price remained unchanged for June, which is sitting at $475,000, however the median land sale price increased five per cent compared to this time last year and is now sitting at $250,000.
“With listings for sale down nine per cent to only 10,310 and sales activity increasing, it is fast becoming a sellers’ market,” said Mr Collins.
“While monthly changes in prices can be volatile, rising sales and dropping stock levels are usually a precursor to rising prices.
“During the initial COVID-19 period there was some downside price risk to Perth property prices, however it now appears that Perth prices will generally hold firm and could even possibly rise.
“This is of course dependent on the economy opening up and remaining open.”
Mr Collins told WILLIAMS MEDIA that July has also opened with a strong start for the month.
“It’s not as strong as June but no doubt the numbers will be up compared to last year,” said Mr Collins.
“The rental vacancy has dropped to 1.5 per cent and there are multiple offers on properties.
“It is looking like the Perth market will come through COVID-19 unscathed.”
