According to the Real Estate Institute of Western Australia (REIWA), Perth is showing early signs of recovery from the effects of the COVID-19 outbreak.
Selling activity in Perth averaged 2,900 transactions per month at the start of the year. While activity plummeted at the start of the COVID-19 outbreak, sales have increased dramatically in recent months, reaching nearly 4,200 average monthly transactions.
For sale listings, on the other hand, hit a 13-year low with just over 10,000 listings for sale on Reiwa.com.
Damian Collins, president of REIWA, said the year has so far been unusual for the market, but despite the lull at the start of the COVID-19 outbreak , Perth is showing "extremely positive" signs.
"With historically low interest rates appearing to go on for quite some time, many buyers find it cheaper to buy than to rent. This is one of the reasons why we can expect business activity to continue to gain momentum in 2021 ". he said.
Collins said agents in the field reported that it is not uncommon for sellers to receive multiple offers, some of which are several thousand more than the advertised price. This increase in interest could potentially drive up prices in Perth next year.
"In 2020 Perth was the lowest median house value of any Australian capital city and with increasing population growth due to people returning to Australia from overseas and between states, that could change in 2021, "he said. "Prices are expected to increase 6-10% over the next 12 months."
Top suburbs:
stafford hts
,
Mayfield
,
tiwi
,
Keperra
,
lockridge
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