Perth real estate: house prices rise in January

Perth’s median price rose again in January, up 1.6% to $ 484,280, according to the CoreLogic Home Value Index.

Reflecting the recent shift in market direction, median values ​​rose 3.8% for the rolling quarter and 3.4% year-over-year.

Sellers are responding to changing market conditions, with 8,287 properties for sale on in January, up 1.2% from December figures, but still 33.3% below the same period last year.

The reduced supply and increasing demand are seeing properties sell at a faster rate, with median days to sell 21 days, up from 43 days in January 2020.

Camera iconOver 150 groups visited this Mount Hawthorn home over a weekend last month. Credit: Provided

Real Estate Institute of WA President Damian Collins said there was no doubt the Perth market had shifted in favor of the seller and buyers needed to act much faster to secure a property.

Officers were reporting high attendance at the opening of homes in some areas, with a house in Mt Hawthorn seen by more than 150 groups in a weekend last month.

Mr Collins expected this week’s foreclosure to have minimal effect on market activity.

“With the announcement of the first case of community transmission of COVID-19, there will be a restriction on opening homes for five days, but this will have minimal short-term impact on the market,” he said. declared.

“Unless we see a lasting foreclosure and significant economic impact, the real estate market should continue its strong recovery. “

CoreLogic index for January 2021.
Camera iconCoreLogic index for January 2021. Credit: CoreLogic – Home Value Index

Commercial activity declined slightly in January, after an unprecedented peak in December.

“The peak in sales that Perth experienced in December was quite unusual, we usually see a drop in activity in December and January, before picking up again as we move into the new year,” Collins said.

“Despite the downward trend in sales activity, many suburbs still saw home sales improve, with the top five selling suburbs being Meadow Springs (up 75%), Yangebup (up 67%), Mandurah (up 67%), Alkimos (up 67%) 64 percent) and Heathridge (up 44 percent).

The Perth rental market remained tight, with January marking the fifth consecutive month with fewer than 3,000 properties for rent on

“There were only 2,826 properties for rent in January 2021, up from 5,784 in 2020, which is a drastic reduction in inventory and we currently have a serious shortage of rentals,” Collins said.

“Although in the short term these conditions will encourage investors to return to the market, it is imperative that the Western Australian government keep its promise to end the rent moratorium on March 28 to ensure that the situation does not worsen. “

house, keys, key
Camera iconhouse, keys, key Credit: PhotoMIX-Company/Pixabay (PhotoMIX-Company user)

The median weekly rent rose from $ 5 to $ 400 in January, according to data from

CoreLogic Research Director Tim Lawless said the annual increase in house rents in Perth was well in double-digit territory, while unit rents also posted strong increases.

“The good rental terms come after a long period of falling rents and low levels of investment activity,” he said.

“The result is an extremely tight rental supply in a context of growing demand, while accessibility is relatively healthy due to the sustained drop in rents between 2013 and 2018.

“Despite the substantial increase in rents in Perth over the past year, the median rental rate is still $ 90 / week below the peak of 2013.”

The suburbs that saw the biggest increase in rent prices in January were Subiaco, which saw its median rent increase by $ 20 per week, as well as Thornlie, Alkimos, Morley and Halls Head, all of which saw weekly increases. of $ 10.

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