RESIDENTIAL PROPERTY

Keen Perth buyers push sales higher

Print Friendly, PDF & Email

SALES activity has more than doubled across 10 suburbs in Perth as first home buyer activity jumped by 105% in Western Australia.

According to the latest sales data from REIWA, sales activity has grown by 100% for 10 suburbs between March of 2021 and 2020.

Warnbro saw greatest rise, with a 167% increase in the March quarter of 2021 compared to that of 2020, followed by Seville Grove with 161%, East Victoria Park with 152%, Carramar with 144% and West Minster with 129%

Mandurah also recorded more than 100% in sales activity growth, at 123%, Dawesville with 121%, Wannanup with 115%, Beeliar with 114% and finally Maddington with 104%.

The majority of these suburbs have a median sale price either around or below Perth’s median price of $510,000, which according to REIWA president, Damian Collins, indicates that first home buyers may be opting to buy rather than rent, taking advantage of current market conditions.

More broadly, sales growth across the capital increased by 31% compared to the March 2020 quarter.

While in total 138 suburbs across Perth also recorded an increase in sales volumes for the first quarter.

WA has also seen the biggest yearly increase in first home buyer activity in the country, according to data from REIA’s Housing and Affordability Report.

“Even though the property market has started to heat up, it’s comforting to know the dream of home ownership is still very much achievable in WA,” said Collins.

The activity in these suburbs was also reflected in increased median sale prices across all 10, with the largest change reported in Wannanup, with an increase of 21.2% to $515,000 in the March quarter compared to the same period in 2020.

Mandurah followed in sale price increase over the year, up 15.5% to $280,000, Seville Grove up 13% to $339,000, Maddington up 12.5% to $315,000, East Victoria Park up 10.7% to $650,000 and Carramar up 10.6% to $520,000.

Despite the recent price increases, REIA’s latest Real Estate Market Facts for the March 2021 quarter revealed Perth had the lowest median house price in the country, which is driving first home buyer activity in these suburbs.

Warnbro increased by 8.5% to $331,000, Dawesville by 7% to $420,000, Westminster up 5.9% to $350,000 and Beeliar up 5.1% to $515,000.

“As the market continues its recovery, we should see buyer confidence continue to gain momentum.  If you are thinking of purchasing your first home, you can be assured there is still excellent affordability in the WA market,” concluded Collins.

Related posts
RESIDENTIAL PROPERTY

CBA raises serviceability as prices continue to boom

THE Commonwealth Bank has lifted its serviceability floor as rising house prices continue to fuel…
Read more
RESIDENTIAL PROPERTY

201 Perth suburbs below previous peak

ALTHOUGH Perth’s rental market is becoming more affordable, with 235 suburbs now below their peak…
Read more
RESIDENTIAL PROPERTY

House prices continue to strengthen

BUYER activity is managing to meet record levels of listings in the housing market over the month…
Read more