Perth's real estate market experiences a "remarkable" resurgence

Last year marked the start of Perth's comeback as a real estate market after seeing a substantial increase in house prices thanks to strong demand.

CoreLogic data showed a 13.1% annual increase in Perth home values ??in 2021.

President of the Real Estate Institute of Western Australia Damian Collins said Perth has experienced a "remarkable resurgence" over the past year, supported by low inventory levels and strong request.

“We expect another healthy year of price growth to come, driven by increased migration once borders open, which will support demand for goods in Perth,” Collins said.

On a monthly basis, Perth home values ??increased 0.4%, ending the year with a median value of $ 520,000.

December was a good month overall for the Perth suburbs, with 83 seeing price growth.

The top performers were spread across different price points, with Applecross main market achieving the highest median gain of 6.2% ($ 1.7 million).

Some of the more affordable suburbs also saw gains in the month, including Kalamunda (up 4.9% to $ 710,000), Wannanup (up 3.4% to 585,000 $), Mandurah (up 3.2% to $ 310,000) and Beckenham (up 3% to $ 422,500).

The low level of listings has been the source of price growth in Perth. In fact, the number of properties for sale fell 7% in December.

"We have seen a noticeable drop in listings for sale in late December compared to November, which is very typical for this time of year as sellers choose to postpone listings during the holiday period, ”Collins said.

Interestingly, the number of listings for sale was 4% higher at the end of December 2021 than at the same period in 2020.

However, the median days to market decreased to 14 days, which is seven days longer than in December 2020.

The best-selling suburbs were Kingsley (six days), Coolbellup (seven days), Floreat (seven days), Greenwood (seven days) and Heathridge (seven days).

"We have seen a noticeable drop in listings for sale in late December compared to November, which is very typical for this time of year as sellers choose to postpone listings during the holiday period, ”Collins said.

Photo by @nathan_hurst on Unsplash.

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