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New research has shown weekly sales transactions in Perth have reached over 1,000 for the first time since June 2013.
According to the REIWA, over 1,000 sales transactions have occurred in greater Perth for the week ended 21 June 2020. This, it noted, is almost double the 52-week average of 539 sales per week and is the highest level of activity seen since June 2013.
“Last week’s sales [included] 613 dwellings, which is 57 per cent more than the 52-week average, and 412 vacant land sales, almost five times more than the 52-week average,” REIWA president Damian Collins said.
“Land sales were the standout for the week which saw the highest level reiwa.com data has seen since August 2009 and can be attributed to the various government home building schemes announced earlier this month.
“The schemes have certainly helped people who were undecided about a house-and-land package, make their decision quicker, and we will likely see vacant land transactions remain at higher than normal levels until the end of the year when the scheme concludes.
“It is expected the scheme will help more people get into their homes quicker, but it’s also important to acknowledge that home sellers who built in outer suburbs in recent years not only suffered during the downturn, but will now find themselves potentially another $45,000 disadvantage.”
Top five suburbs for land sales
1. Madora Bay
2. Baldivis
3. Maddington
4. Wellard
5. Hamond Park
Mr Collins said the stats prove the Perth metro market is starting to pick back up, a trend likely to continue.
“While things are looking positive for the property market, we hope that the recent market activity will not only lead to the recovery we have been waiting for, but also continue post the government schemes which end on the 31 December 2020,” he concluded.
ABOUT THE AUTHOR
Emma Ryan
Emma Ryan is the deputy head of editorial at Momentum Media.
Emma has worked for Momentum Media since 2015, and has since been responsible for breaking some of the biggest stories in corporate Australia, including across the legal, mortgages, real estate and wealth industries. In addition, Emma has launched several additional sub-brands and events, driven by a passion to deliver quality and timely content to audiences through multiple platforms.
Email Emma on: Emma.Ryan@momentummedia.
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