Despite the economic doom and gloom reported by mainstream media lately, REIWA figures point to the Perth property market being in better shape now than it was this time last year.
For the week ending 10th May just gone there were 527 sales across the Perth metro area. Compare that with the 505 for the same week last year.
That’s an improvement of over 4%.
Clearly buyers have formed the view that neither COVID nor the predicted economic damage caused by the non-lockdown lockdown is reason enough to put their lives on hold.
Buyers are back and they’re buying!
But buyer activity is only half the story.
Since late 2019 listing stock levels have been trending downwards.
Today there are just 11,611 properties on the market. Twelve months ago that number was 16,593 last year.
Over the past 12 months stock levels have fallen by 30%!
And they’ve continued to trend down despite the so-called Corona crisis, falling 5% in the past month alone.
That decline is a clear indicator that, despite the swirling chatter about unemployment and recession, property owners believe that real estate in Perth is worth holding.
And that bodes well for the future of property prices in WA.
I’m keen to hear your thoughts on the direction of the Perth property market in the comments below.