Unsurprisingly the busiest property markets in Australia are the places where COVID-19 has been contained and life is relatively unrestricted, Perth being a prime example of this.
Perth has demonstrated the greatest resistance to the pandemic in comparison to other capital cities in terms of sales activity and has shown continued positive activity in September. According to Perth property experts, Sales activity is tracking 40% higher annually, compared to the same period in 2019.
Statistics show this has been greatly led by first home buyers who have been able to get into great areas at affordable prices and have also had access to the Federal Government’s HomeBuilder grant, which has encouraged people to buy residential land to build new homes.
Western Australia has also demonstrated continued rental market strength with vacancy rates falling lower than what was experienced pre-pandemic and much lower than levels experienced this time last year.
These conditions have formed an increasingly competitive market for buyers and renters alike, with agents noting higher attendance rates for home opens and an increase in the number of offers being received.
Perth Rental Market
In September, Perth’s rental market experienced an increased amount of total properties rented, coupled with a decreased amount of total properties available for rent compared to last month.
This latest data suggests a tightening in the market and increased demand for rental properties in Perth. Experts suggest Perth is currently experiencing the tightest rental market conditions of any capital city with rents up 2% since the end of March.
See below the latest snapshot for the Perth rental market as of September 20th, 2020.
Perth Sales Market
As of September 20th, total property sales have increased on what we saw four weeks ago from 797 to 826. This week’s total figure is 1% lower than levels seen four weeks ago and is 23% than levels seen a year ago.
It’s great to see a continued return to normality from COVID-19, with even stronger months predicted to be on the way.
The top-selling suburbs north of the river were Perth, Scarborough, Claremont and Doubleview. While south of the river Baldivis, South Perth, Palmyra and Thornlie were the standouts. This is the third month in a row Baldivis has been one of Perth’s highest-selling suburbs.
See below for the latest snapshot of the Perth sales market.
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