According to the latest report from the Real Estate Institute of Western Australia (REIWA), suburbs in Western Australia reported a significant increase in sales during an otherwise slow month for real estate transactions.
Damian Collins, President of REIWA, said December has traditionally been known as one of the slowest months to sell a property.
"In 2020 this was not the case and we started to see a different trend emerging with sales activity in December increasing 42.5% from the previous year" , he said.
Home sales during the month rose 50.5% while units registered a gain of 51%. Land sales increased 4.3%.
Growth in land sales, Collins said, is "not unusual" given the segment's significant increase in mid-2020 due to several government grants.
Of all the suburbs, Banksia Grove has performed the best in terms of business activity, registering 157% growth. The suburb ended the year with a median selling price of $ 371,000. This was closely followed by Fremantle, which saw a 100% increase in sales and a median of $ 767,500.
Erskine (38%), Yanchep (30%) and Mount Hawthorn (29%) also recorded increases in their sales.
As activity picked up in December, registrations continued to decline, down 19.4% from the previous year. This has pushed up prices, especially in Perth. In fact, CoreLogic figures show that the median house price in Perth has risen 1.9% per year.
"Perth remains very favorable for buyers and investors; however, REIWA expects the median price in Perth to increase 6% to 10% in calendar year 2021, I would advise those who are considering buying their first home or investing, to get in touch with your agent before prices inevitably go up any further, ”Collins said.
Top suburbs:
Newcastle
,
new farm
,
Tuart hill
,
Belmont
,
Torrensville
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