Perth sales hit a five-year high

The strongest month of sales since 2015

Perth is coming off its strongest month for sales since 2015, with transactions in June up 55.1% from May.

REIWA data shows that land sales in particular rose a striking 289% from the previous month, with 1,471 blocks sold.

Dwelling transactions rose 15% from May, with 3,990 properties changing hands.

While any comparative statistics at the moment can be taken with a grain of salt (such as the recent drop in real estate values across the combined capitals), it appears coronavirus hasn’t slowed the Perth buyers market, with June sales up 45% than those of 2019.

“There is a real possibility that we will run out of titled and completed blocks in the coming months.”REIWA President Damian Collins credits the recent building bonus grants for the leap.

“The large spike that we have seen in land transactions can be attributed to people fearing that they may miss out on these grants.

Overall sales listings in Perth are down 9%, while sales are rising, making this a sellers’ market.

“During the initial COVID-19 period there was some downside price risk to Perth property prices,” continues Collins, “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.”

 

Source: EliteAgent