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Strong market activity has been reported in Perth, with selling volumes across both dwelling and land sales up 68 per cent.
The Real Estate Institute of Western Australia (REIWA) has found volumes were up 68 per cent in July compared to April 2020.
REIWA President Damian Collins said “whilst sales activity was quiet during the initial stages of the COVID-19 [lockdown] restrictions, it is great to see levels pick back up to where they were before the pandemic hit”.
“While there are no surprises with the increase in land sales for the month, which saw a 121 per cent increase compared to April, it was pleasing to see that both houses (up 58 per cent) and unit sales (up 51 per cent) also saw a significant increase,” Mr Collins said.
“With the increase in sales activity, it is good to see a slight increase in the number of listings for sale, which demonstrate those who were considering selling their property are looking at the favorable market conditions and choosing to now sell.
“While we have seen a slight increase in listings this month, the number of properties for sale [is] actually 25 per cent lower than July 2019.”
According to the data, there are five areas that saw particularly strong sales activity in the month of July, compared to the month of June.
1. Byford: up 92 per cent.
2. Port Kennedy: up 88 per cent
3. Quinns Rocks: up 50 per cent
4. Heathridge: up 42 per cent
5. Banksia Grove: up 38 per cent
The data also shed light on median house prices and the changes felt over the last few months.
According to the REIWA, ’s median house price remained stable in July at $475,000 compared to the previous month.
“On an annual basis, prices lowered slightly, with the median house price only 2.3 per cent lower than it was in July 2019,” Mr Collins said.
CoreLogic’s findings for July supported the REIWA’s monthly data, showing Perth house values had marginally declined 0.6 per cent during the month, Mr Collins noted, adding: “Although Perth’s overall median house price remained stable in July, reiwa.com data shows one in three suburbs recorded an increase.”
“East Fremantle saw the biggest growth in median house price for the month with a 4.8 per cent increase, this was followed by Pinjarra (up 3.3 per cent), Rivervale (up 2.9 per cent), Forrestfield (2.7 per cent) and Yangebup (up 2.5 per cent),” he said.
Real estate is a type of real property that refers to any land and its permanent improvement or structures that come with it, whether natural or man-made.