December sales activity saw 3067 transactions for the month which is an increase of 42.5% when compared to the same time the year prior. Reiwa President Damian Collins said traditionally December experiences a reduction in the number of house sales due to buyers going away for the festive period, 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.
Agents have reported that good quality stock is being snapped up fairly quickly and with listings for sale decreasing by 16.5% in December, it is only a matter of time before the median prices start to increase. Perth's median house price remained stable in December to sit at $480,000 with Reiwa data revealing that 45% of suburbs saw an increase during the month.
While Reiwa data shows the Perth median house price has stabilized, the latest figures from Core Logic shows house values increased 1.1% in December. Reiwa data shows Kelmscott saw the largest increase in median sale price in December by 6.2% followed by Yokine at 4.8% and Wellard with a 4% increase.
Perth remains very favorable for buyers and investors, however with Reiwa expecting Perth's median price to grown between 6 & 10 per cent in 2021 calendar year, I would advise those who are thinking about purchasing their first home, trading up or investing to act soon before prices inevitably rise.
Source - Reiwa - 04/01/2021
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