The end of the year has been a busy one for Perth's residential market, with sales growing substantially in December, according to the latest market update from the Real Estate Institute of Western Australia (REIWA).
Although December has been a traditionally quiet month for sales, activity in Perth increased by 42.5%, which is significantly higher than the participation rate in the same month last year .
Damian Collins, president of REIWA, said increased sales could indicate buyers are taking advantage of market conditions when they are unable to travel.
"Field agents reported that good quality inventory is building up quite quickly, and with sales listings falling 16.5% in December, this is not is only a matter of time before median prices start to rise, "he said. .
Median prices remained stable during the month, standing at $ 480,000. About 45 Perth suburbs reported an increase in the median price during the month.
Kelmscott recorded the largest increase in median selling price with an increase of 6.2% to $ 375,000, followed by Yokine with an increase of 4.8% to $ 650,000 and Wellard with an increase of 4 % to $ 399,500.
Collins said Perth remained favorable to buyers and investors, even with an expected increase of up to 10% in the median price this year.
"I would advise those who are planning to buy their first home, trade, or invest, to act shortly before prices inevitably rise", did he declare.
Top suburbs:
campsie
,
Alexandria
,
melton
,
The Pelvis
,
West Rockhampton
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