Perth Property Market Update

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 agents, we note that there has been a reasonable level of purchaser enquiry entertained; however, few deals have been transacted which to gauge if the COVID-19 circumstances have impacted to the market prices which existed prior to the March declaration of the Pandemic.

As at week ending 7th June 2020 the Perth property market has proved resilient until the current COVID-19 Pandemic with REIWA reporting a March 2020 Perth median house price of $470,000 which was marginally lower than December 2019. Sales for the March quarter totaled 4,931, which for the December 2019 quarter was 6,263 with average selling days moving out to 45 days from 39.

Property listing showed a substantial retreat as vendors received options within the current crisis. As at the 7th June 2020 there were 11,319 properties listed. For the same period last year listings were 16,109.

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