Perth's property market is on the rise as reduced travel increases buyer activity, with expectations the median house price could grow by as much as 10 per cent during 2021.Kelmscott saw the largest increase in its median sale price at 6.2 per centAccording to data from the Real Estate Institute of Western Australia , December 2020 saw a jump of 42.5 per cent in house sales compared to December 2019.
"Yet this year we have seen a significant increase in buyer activity, which suggests that people are taking advantage of the market conditions whilst they are unable to travel." "With listings for sale decreasing 16.5 per cent in December, it is only a matter of time before median prices start to increase," Mr Collins said.Ray White chief executive Mark Whiteman said both buyers and sellers could take advantage of the current market.
"That's the only thing making the purchase market difficult, is there is not the same amount of supply coming through.""We are seeing increased buyer demand, fewer properties available for them to choose from, and that's really starting to throw the balance of power towards the seller," he said."We are seeing record numbers of bidders at auctions which is a great litmus test for who is willing to buy.
"Investors were reluctant to enter the declining market in the past five years. But we now have a rising market, we have full occupancy and investors will start to come back and create more stock for tenants."There were 3,655 properties leased in Perth's rental market in December, a 9 per cent increase on the previous month.Mr Collins said it was pleasing to see the rental market pick up in a time when activity traditionally slowed down.
We need better people in charge with Science Ethics Engineering etc & run for Election AND better Educated Voters so we can make AFundamentalShift in HOW AND WHY we run our societies. Or our kids will have the same outdated, divisive, wasteful, destructive ways 2 live w/.
House prices surge? Why? Because of high unemployment, underemployment and wages growth being less than inflation for ten years? Hmmm... or is it perverse taxation laws creating false market incentives that fosters an unequal society of those who own 4 houses & those with none?
McClown's border closures have resulted in the property market (including rentals) falling out of reach again for many people.