During October, Perth sales activity experienced growth with a 2.7% increase compared to October 2019. Top suburbs for growth include Yanchep 133% increase, East Victoria Park 100%, Cloverdale 86%, Hammond Park 67% and Aveley 63%.
Land sales have dominated sales activity due to the Home Builder Grant, however if we break down sales activity in October, land sales decreased 27.1% when compared to sales in October 2019. While this number is a significant reduction it demonstrates that most people jumped onto the grant as soon as it occurred. It could also be because there are limited land titles and only a small number left for people to purchase in their desired location.
Despite the decrease in land, house sales saw a 7% increase and units increased 20.4%. First Home Buyers who are looking for a unit can also apply for the first home owners grant for a new property and potentially pay no stamp duty.
Top sales activity growth suburbs for units are Fremantle at 40%, Rivervale 25%, Innaloo 25% and Rockingham up 18%.
Source - Reiwa.com - 14/11/2020
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