Perth Residential Market Insights – November 2020
Perth Sales Market
Properties selling at fastest rate in 14 years
Data from REIWA shows that properties in November sold at the fastest rate since 2006, taking a median of just 22 days to sell, 17 days less than 12-months prior. A lack of stock and increasing buyer activity (there were 1042 transactions in the week ending 29th November) is creating high competition – leading to these low days on market. According to REIWA, houses are selling considerably faster than units and our team are having to move quickly to secure houses in investment grade locations.
CoreLogic reports four months of growth
Dwelling prices continued to rise with CoreLogic reporting a 1.1% uptick in median price in November and 1.9% over the quarter. This marks four months of consecutive price growth as the Perth market continues to rebound and strengthen. With days on market lowering, our buyer’s agents are often competing against multiple offers and are working with clients to alter their negotiation strategies to position themselves more competitively.
Perth Rental Market
Rental stock remains low
Rental stock remained stable at below 3,000 for the fourth consecutive month, with a small rental stock increase of 3.7% in November. The rental market remains highly competitive with rents up 6.6% for houses and 3.9% units since March – well above the national capital city average of 1.1% and -5.4% respectively. Some owners are removing their properties from the sales market and renting them out in order to capitalise on rental market conditions and the sales market upswing.