The heat is rising in the Perth property market, according to data recently released by REIWA and the CoreLogic Home Value Index.
Property prices are on the rise, with the median Perth price rising 3.8% for the rolling quarter to January, and sales activity increasing by 25% during 2020, compared to 2019.
As property’s popularity increases, availability is becoming scarce, with listings dropping 34% during 2020. The lowered supply and increasing demand means properties are selling quickly, with the median time to sell down to 21 days (from 43 in January 2020).
The rental market remains tight with prices lifting 10.8% and listings decreasing 57% during 2020, with the current vacancy rate below 1% for the first time since 2013.
“There were just 2826 properties for rent in January 2021, compared to 5784 in 2020, which is a drastic reduction in stock and we currently have a severe rental shortage,” said REIWA President, Damian Collins.
Ray White Chief Executive, Mark Whiteman, said now’s the time to take advantage of the market.
“Buyers have nearly every condition they need to buy – low interest rates, good prices…the only thing forcing them is if they don’t buy the property, it may well be gone.”
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