Perth enters the sellers market, with the latest figures from the Real Estate Institute of Western Australia (REIWA) showing increased demand from buyers and a decrease in the supply of housing.
In June, Western Australia's capital posted its strongest month for property sales since 2015. Perth recorded 3,990 sales transactions in June, an increase of 55% from compared to May and a 45% increase over the same month last year.
Significantly, land sales in June increased by 289% to reach 1,471 total sales for the month. The participation rate in houses also increased by 15% to 2,519.
Willetton, Thornlie, Girrawheen, Dudley Park and High Wycombe are the suburbs that recorded the largest sales increases during the month.
Damian Collins, President of REIWA, said that the increase in real estate transactions could be due to the fear of missing out on buyers wanting to take advantage of state and federal government housing subsidies.
“The significant peak that we observed in land transactions can be attributed to people who fear that they will not be able to benefit from these subsidies. There is a real possibility that we will run out of titled and completed blocks in the coming months, ”he said.
In fact, registrations have already dropped 9% over the month, indicating that the city is about to enter the sellers market.
The median price of Perth homes remained unchanged in June at $ 475,000. However, the median price of land increased by 5% to reach $ 250,000.
"During the initial period of COVID-19, there was some risk of falling property prices in Perth, however, it now appears that prices in Perth will generally remain firm and may even rise. It depends, of course, on the openness and stability of the economy, "said Collins.
Top suburbs:
south brisbane
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mt gravatt
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Woolloongabba
,
Hebersham
,
Westmead
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