Although we predicted somewhat of a V shape recovery, I don’t think any of us were expecting a rebound this significant off the back of restrictions lifting.
We feel that this is not only a positive sign for the property market, rather an optimistic outlook on WA’s overall position to return to a more stabilised economy.
According to REIWA, for the week ending 21 June 2020 there were over 1,000 transactions in one week*, which is almost double the 52-week average of 539 sales per week* – levels we have not seen since 2013.
A key part of this leap is the State and Federal Governments stimulus packages doing their job, with land sales up 289 per cent at 1,471 for the month of June*.
The increased figures however aren’t solely to do with land purchases. Established housing transactions increased 15 per cent in June off the back of the sizeable increase we experienced in May.
We spoke with Scott Fletcher, Agency Director of Realmark Urban about the general sentiment in the market, and how this data translates to what the agency is experiencing on the ground.
“Similar to the bars and restaurants around Perth, many of our home opens in Urban suburbs North of the River as well as the Western Suburbs have been at capacity week on week, with ready-to-go buyers searching for their next home.” Said Scott.
“South of the River in areas like Applecross and Ardross, we’re seeing an increase in developer activity with long-term optimism for future demand in these areas. We’ve noticed buyers are gravitating towards new properties in these areas, with some of the older properties spending a little more time on the market.
“Anecdotally, we’re seeing more young professionals who are secure in full time employment taking advantage of the cheap finance and enticing government schemes.
“The landscape is certainly changing, presenting an opportunistic time for both buyers and sellers in the market. It is however important to get the right advice, so you can benefit from these market conditions. We have local area experts ready to assist you in regards to your property, and associated finance brokers who are able to assist you in finding the right loan for you.”
If you need any assistance in buying or selling, please give us a call and we will put you in touch with your Realmark team member.