Real estate prices in Perth remained stable in April despite the dramatic drop in sales volume, according to the latest figures from CoreLogic and the Real Estate Institute of Western Australia (REIWA).
The value of Perth properties continued to grow in April, increasing 0.2%. According to CoreLogic, this was the sixth consecutive monthly growth in Perth. This gain brought the city's median value to $ 477,000.
"It is good to know that despite current economic conditions, sellers are not forced to sell and lower their selling prices to do this," said Damian Collins, President of REIWA.
This despite the 40% drop in business activity during the month, with a weekly sales transaction to a minimum of less than 300 per week.
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It also took less time for sellers to sell their properties this month, with median sales days falling to 65 from 77 last year.
Price stability could also be attributed to the drop in real estate listings. REIWA data shows that registrations decreased by 5% during the month.
Collins said current federal and state initiatives are helping to cushion the effects of the epidemic, ensuring that homeowners are not forced to sell.
"The full effects of COVID-19 on the real estate market are not known at this stage, but the drop in registrations shows that there is no influx of people trying to sell their house because of financial difficulties, "he said.
Collins said the Western Australian state government should consider cutting stamp duties and exploring options to entice buyers to support the market in the context of the ongoing pandemic.
"We ask the government to consider short-term changes to induce buyers, as well as long-term tax reform eliminating stamp duty and replacing it with a broader property tax system" , he said.
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