Despite the value of homes dropping across Australia, sales activity in the Perth metro region increased by 68 per cent in July compared to April.
According to REIWA data, the increase was across both dwellings and land sales.
“While there are no surprises with the increase in land sales for the month, which saw a 121 per cent increase compared to April, it was pleasing to see that both houses (up 58 per cent) and unit sales (up 51 per cent) also saw a significant increase,” REIWA President Damian Collins said.
Listings for sale in the Perth metro area also rose 3 per cent from June.
“With the increase in sales activity, it is good to see a slight increase in the number of listings for sale, which demonstrate those who were considering selling their property are looking at the favorable market conditions and choosing to now sell,” Mr Collins said.
The figures are still down, with the number of properties for sale 25 per cent lower than July, 2019.
Perth’s median house price remained stable through July, at $475,000.
“On an annual basis, prices lowered slightly, with the median house price only 2.3 per cent lower than it was in July 2019,” Mr Collins said.
“Although Perth’s overall median house price remained stable in July, reiwa.com data shows one in three suburbs recorded an increase,” Mr Collins said.
Leasing activity in the Perth metro area drop 9 per cent over July, although it rose by 13 per cent during the three months prior.
“Although leasing volumes were down last month compared to July, tenants
remain very active right now, as listings for rent have decreased seven per cent compared to June and 48 per cent compared to July 2019,” Mr Collins said.
“In terms of houses and units, [median rent prices] broke down to $370 per week for houses and $340 per week for units – up $5 per week compared to June,” Mr Collins said.
