prowest 
Perth Market Update January 2021
We’ve now completed the first month of a new year and survived, so far, a 5 day lock down period across Perth metro. Although this may set in some concern for the year ahead and we are still recovering from last years’ global pandemic, there is many signs of a positive property market for WA.
Sale transactions reduced by 1% in Perth last week, with REIWA members reporting a total of 836 sales, this is 20 less sales that were completed in the last few weeks.
Vacant land sales saw no change this week, from the 15% fall in sales transactions reported in the week ending 24th January. Although house transaction declined, Unit sales rose by 6%.
Reflecting on the property market of 2020, Although the pandemic did hit the market hard, Perth still remained stronger than the other states in the country. We’ve inserted below a table showing how Perth faired against the other capital cities.
| CAPITAL CITY | MEDIAN DWELLING VALUE | % CHANGE IN DWELLING VALUE SINCE COVID-19 (DEC 2020 VS MAR 2020) |
MEDIAN WEEKLY RENT |
| Darwin | $416,183 | 8.3% | $450 |
| Canberra | $678,765 | 5.8% | $530 |
| Adelaide | $468,544 | 5.2% | $390 |
| Hobart | $513,552 | 4.6% | $450 |
| Brisbane | $521,686 | 2.0% | $420 |
| Perth | $471,310 | 1.0% | $400 |
| Sydney | $871,749 | -1.2% | $480 |
| Melbourne | $682,197 | -4.1% | $400 |
CoreLogic Hedonic Home Value Index data as at 31 December 2020
Properties for sale
8,015 properties were listed for sale in Perth last week, which is 295 less listings than the week prior.
Perth’s Listings figures declined overall for all dwellings within the last few weeks, keeping buyer demand at a high and stock levels at a lower end.
These listing levels are 35% lower than recorded at a similar time year ago.
Perth rental market
Over the past few weeks there has been a steady decline in rental listings becoming available across Perth. With 77 less properties than weeks prior, REIWA members report only 2,787 in total for Perth last week.
Rental listing stock levels are 52 % lower than figures reported last year around this time.
Last week’s rental listings figure is 15 per cent higher than levels seen four weeks ago and are 52 per cent lower than a year ago.
The lower stock levels really hit the low end since the beginning of the Covid-19 pandemic, in December 2020 the vacancy rate in Perth was below 1%, making finding a rental extremely difficult to secure. The low vacancy rate and high demand from tenants has created a surge in rent prices in Perth pushing the median rent for a house to $410.00 per week! Mid-year in 2020 it sat at about $350.00 per week.
Although rent prices are increasing, Perth remains as one of the most affordable cities to live in Australia.
View REIWA’s Perth Market Snapshot graph for a detailed breakdown of the past week.
Info in this article has been sourced from: reiwa.com.au
