Properties sold like hotcakes in December, with sales 42.5 per cent higher than the same time in 2019.
The Real Estate Institute of WA recorded 3067 transactions for the month, which president Damian Collins said was not the norm.
“Traditionally December experiences a reduction in the number of house sales due to buyers going away for the festive period, yet we have seen a significant increase in buyer activity, which suggests that people are taking advantage of the market conditions while they are unable to travel,” he said.
“Agents have reported that good, quality stock is being snapped up fairly quickly and, with listings for sale decreasing 16.5 per cent in December, it is only a matter of time before median prices start to increase.”
REIWA is forecasting between six and 10 per cent price growth in 2021 and values are already on the move, with the latest figures from CoreLogic showing 1.1 per cent growth in December and 2.8 per cent over the quarter.
Reiwa.com data shows leasing activity increased in 100 suburbs last month, with East Victoria Park, Harrisdale, Cloverdale, Aveley and Port Kennedy the biggest improvers.
Other suburbs to perform well were Willetton, Maylands, Clarkson, Bayswater and Applecross.
Perth’s overall median rent rose $5 to $395 per week in December — the fourth consecutive monthly increase — and is the highest it has been since February 2016.
“In December it was Perth’s higher end of the market that dominated the top suburbs to see an increase in median weekly rent, with Mt Pleasant and Duncraig increasing 4 per cent to $550 and $520 per week,” Mr Collins said.
“This was followed by Applecross which increased 3 per cent to $650, Alkimos increasing 2.9 per cent to $340 and Wanneroo, which also increased 2.9 per went to see a $360 per week increase.
“As we see rental stock levels continue to remain low, we can expect rents to continue increasing, however we need to remember that rents are still a lot cheaper than they were in 2014.”