Was the Perth property market busy in March?
Whilst CoreLogic initially reported a minimal 0.1% decrease in Perth property prices for March, they’ve revised their index to reflect a 1% increase in values, bringing the total growth for Perth for the quarter to 1.9%.
REIWA also announced that sales transaction activity in March hit a 12 year high, with an average of 1,078 sales per week.
The rise in both activity and prices is being attributed (possibly) to interstate migration now that borders are open, as well as Perth’s relative affordability compared to the rest of the Australian capital cities.
We’re expecting sales transaction & listing volumes to fall over April given the combination of Easter, school holidays, and the Anzac Day long weekend.
Average days on market in March continued to be down, tracking at 15. Our average here at Red Fox for the last 12 months is 11, the lowest of all local Agencies.
Properties listed for sale in Perth remain relatively stable, albeit also at record lows for houses, at 7,790 in total.
As of 3 April, there were only 3,851 houses available to buy, versus 2,310 units.
In the inner north, the bulk of buyer demand continues to be for quality homes, which is why we’re seeing strong results and continued price growth in that sector.
So how are we looking for the rest of 2022?
In REIWA’s view, the market continues to be on track for its predicted growth of 10% for the year.
Given our position as the cheapest capital city in Australia, the level of job vacancies, strong local economy, and the fact that our doors are yet to be fully open to overseas migration, we think they’re probably right.
As for interest rates? Even with an increase, they’ll still be low. So we’re not expecting too much interference from any rate hike.
The rental market remains tight, with little immediate change in sight.
If you’ve been toying with the idea of selling, we’re receiving daily calls from buyers desperate for quality inner north homes anywhere from the $700’s into the $2mils.
Call Nat now on 0405 812 273 or email [email protected] – we’d love to help.