Current residential market Perth as at the week ending 19th of April 2020 research.
According to REIWA research for the week ending 19th of April 2020 total sales were 286 while for the same period 4 weeks ago that number was 548 the same week last year was 436 sales. Currently there are 12068 properties for sale which 4 weeks ago that number was 12691. For the same period last year the number of listed properties was 16956.
The average number of selling days for the end of the September quarter 2019 was 84 while that fell to 68 for the December quarter 2019.
Following COVID-19 government requirements for social distancing, home opens have been discontinued until further notice. Enquiry levels according to local agents, from prospective purchasers are well down with very little sales activity expected over the next quarter or so.
Real estate and economic commentators are expecting a bleak level of activity within the real estate market being mindful of the current levels of unemployment at unprecedented levels.
In terms of immediate impact on the Perth residential market, we note that overall purchaser and investor enquiry is at substantially subdued levels over previous months, with residential sales listings at a 12 month low. From our enquiries with active residential...
The past four weeks have seen rapid declines in the cash rate, several changes to fiscal and monetary policy, and a complete halt in business activity across specific industry sectors. As daily updates roll out, enquiries around the state of the housing market have...