Western Australia’s property market is flying with properties in Perth selling at the fastest rate since 2006.
Data collected by the Real Estate Institute of Western Australia (REIWA) has revealed that homes took on average 22 days to sell last month – 17 days less than this time last year!
REIWA President Damian Collins said that Perth’s property market has really picked up in the second half of 2020 and the current conditions make it the perfect time for sellers to cash in.
The demand for quality stock is evident, with properties selling at the same speed as they did 14 years ago, when Perth was in a property boom.Real Estate Institue of Western Australia President – Damian Collins
“With listings for sale down 1.3 per cent in November compared to the previous month and 28.7 per cent lower than November 2019, it’s clear that if you are looking to sell there hasn’t been a better time for many years,” Mr Collins said.
CoreLogic research has also revealed that home values in Perth increased by 1.1 per cent last month, indicating the largest jump in monthly value and the fourth consecutive month of growth.
“Breaking it down at the suburb level, reiwa.com data shows 50 per cent of suburbs experienced an increase in median sale price and 29 per cent saw a stabilised median in November,” Mr Collins said.
The lack of available rental properties means rents should remain stable and Mr Collins believes that the state’s property market is in good health as we approach 2021.
“With investor interest on the increase due to the rental shortage, this will help boost stock levels and help keep rent increases at reasonable levels, however, it’s crucial the rental moratorium ends as promised in March 2021,” he said.