Despite property woes in capital cities across the east coast, Real Estate Institute of WA (REIWA) president Damian Collins cannot see Western Australian property prices following the same trend.
“Any agent in Perth they will tell you they are reasonably optimistic because stock is selling at better prices than six months ago,” he said.
“Our days on market are down to 44 from 79 and we had 834 sales last week compared to 520-odd last year.
“There are not too many businesses that aren’t back to a reasonable sense of normality, apart from those in affected sectors such as tourism.
“Bar a second COVID outbreak like Victoria, I’m just not seeing a cliff situation in WA.”
Perth’s vacancy rates hit a 12-year low earlier this month, dropping to 1.6 per cent.
The Real Estate Institute of WA warns that a vacancy rate of around 3 per cent strikes the ideal balance between supply and demand.
There are currently 50 per cent less properties for rent on reiwa.com than in July, 2019.
