Corelogic’s November 2021 property market figures are out.
The Perth market is reported as showing a 0.2% price increase for the month and 14.0% return year on year.
We’re not quite sure, how after a reported 18.1% rise in prices for the year ending 31 September, and a minuscule 0.1% decrease in October, that works out, so we’ve turned our attention to the reiwa.com stats for more information on the market instead.
reiwa.com tells us that sales activity increased 9% in November, which is 24% higher than November 2020. That’s the fourth consecutive month of increased sales.
Traditionally, for Nat Hoye, Director & Licensee here at Red Fox, it’s also the busiest quarter of the year. Nat has exceeded her previous sales record for the period and we’ve got more new homes, so expecting more sales, to come.
If you think there were more homes for sale last month, you’re right. There were 9,271 properties on the market on reiwa.com at the end of November, 7% more than at the end of October.
That said, on an annual basis, listings were 6% lower than they were at the end of November 2020. So market conditions are still tight.
The median time to sell a house in November reduced by a day, to 14, which is 8 days faster than November 2020.
Fun fact: Red Fox’s average days on market for the last twelve months is 8.
Yep. It has been a pretty intense year.
For landlords and tenants, there was a noticeable jump in the number of available rentals in November, up 10% on October.
Median rents increased by $10 per week to $440 per week, the first rise since July, but remain more affordable than they were in 2014, their last peak. Despite the additional properties available to rent, median leasing days fell by a day to 16 days.
Like reiwa.com, we think the market is in a good position as we get to the end of 2021 and move into 2022.
At Red Fox, we’re seeing a continued trend in Eastern States and overseas enquiry, particularly from those looking to return home to Perth, as well as investors attracted to our relative affordability compared to other Australian capital cities.
We’re expecting things to remain relatively stable during December and are ready for another interesting year in 2022 as borders open.
If you’d like to chat about where your property might sit in the current market, give us a call on 0405 812 273. We’re always happy to provide feedback to help you reflect on your options.