June 15th – July 15th 2020
June reiwa.com data shows the strongest month for sales in Perth since 2015, with transactions increasing 55.1 per cent compared to May and 45 per cent higher than June 2019.
REIWA President Damian Collins said it’s clear the recent Federal and State Government building bonus grants have boosted transactions last month.
PERTH SALES MARKET
“reiwa.com data shows there were 3,990 sales transactions in June, with 2,519 of these dwellings (up 15 per cent) and 1,471 land sales (up 289 per cent),” Mr Collins said.
“The large spike that we have seen in land transactions can be attributed to people fearing that they may miss out on these grants. There is a real possibility that we will run out of titled and completed blocks in the coming months.”
The top suburbs to see an increase in transactions were Willetton, Thornlie, Girrawheen, Dudley Park and High Wycombe.
At Pulse Property Group, we saw a major increase in enquiries for older properties and blocks of land, resulting in 25 properties being sold – 11 of the properties were blocks of land.
MEDIAN SALE PRICE
reiwa.com data revealed the median house price remained unchanged for June, which is sitting at $475,000, however the median land sale price increased five per cent compared to this time last year and is now sitting at $250,000.
“With listings for sale down nine per cent to only 10,310 and sales activity increasing, it is fast becoming a sellers’ market. While monthly changes in prices can be volatile, rising sales and dropping stock levels are usually a precursor to rising prices,” Mr Collins said.
“During the initial COVID-19 period there was some downside price risk to Perth property prices, however it now appears that Perth prices will generally hold firm and could even possibly rise. This is of course dependent on the economy opening up and remaining open.”
PERTH RENTAL MARKET
Listing stock in Perth’s rental market continued to plummet in June, declining a further 15 per cent to 3,963.
“This reduction in listings means we can expect the vacancy rate to drop further from the current 2.2 per cent.
“According to reiwa.com data, the suburbs that have seen the largest increase in leasing activity growth include Cloverdale, Rockingham, Mount Lawley, Beckenham and Subiaco.”
At Pulse Property Group, we continue to achieve premium results on returns for our landlords and our team works hard to keep the vacancy rate to an enviable low; less than 1%. We are receiving multiple applications on properties, only needing 2 or less home opens before leasing and we are also increasing the rental income ($ per week) for our landlords.
Our team are here to assist you with all your real estate needs – contact us any time.
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