Perth property market on a high after record sales

Perth has experienced a surge in property sales in recent months rivalling that of the post-GFC recovery days of 2009/10, according to NTY Property Group Maylands co-director Brock Robertson.

“In the past six months our sales team has been pretty busy dealing with the demand; although sales listings have been dropping down steadily in recent months as buyers snap up properties at a record rate,” said Mr Robertson.

“It seems the supply of properties can’t keep up with buyer demand at the moment.”

This is hardly surprising since, according to recent Real Estate Institute of WA (REIWA) figures, Perth listings have now dropped to a 10-year low, with only 7899 properties listed for sale at the end of March 2021.

NTY Property Group Licensee Steve Lorrimar said the market has been on the rise now for 18 months, which is music to the ears of many property owners and investors.

He said the trend will probably continue, but despite property prices increasing strongly especially in the past six months – they still remain less than they were five years ago; which meant some good deals were still available.

“The rental market in Perth is also red hot, mainly due to the increase in Australians returning from overseas due to COVID-19, as well as a resurgence in the mining and resources industry,” added Mr Lorrimar.

According to CoreLogic figures released from December 2020, Perth is one of the fastest growing rental markets in Australia.

To put this in perspective, REIWA reported median renta prices rising to a five-year high of $400 a week in February: up $40 from February 2020.

“Of course, the extra influx to the metro area in the past 12-months or so has put added pressure on the entire property market, not just rentals,” Mr Lorrimar said.

“It is also a factor in Maylands experiencing such solid growth in housing sales.”

In a sign that things might be improving for buyers, according to the Reiwa.com website, there were 8,485 properties for sale in Perth in the week ending April 11, 2021.

This represents a small increase in house listings of four per cent over the previous week.

Listings for units also increased by four per cent, although listings for vacant land decreased by two per cent.

To find out more about the property market in your area or to sell or rent your property, please contact Steve Lorrimar or Brock Robertson at NTY Property Group on (08) 9271 2777.

By Mike Peeters