The latest REIWA research shows the median house price for the Perth metropolitan area was $475,000 as at the June quarter 2020, down from $480,000 at the March quarter 2020.
Sales however showed a strong lift over previous lack lustre numbers, total property listings are well down at 10,310 from the June quarter 2020 which were at 12,295 for the March quarter 2020.
The lack of listings is placing prospect purchasers under pressure for the listing time for some 2 years in the Perth residential market. Agents report excellent attendances at home open with several offers being presented on homes which have had brief market exposure.
Baldivis is a suburb some 40km South of Perth developed over the last 10-15 years, has a population of 31,500 (median age 29) and 11,000 homes. It has seen a fall in value of 3.4% over the year to date with a median house price of $375,000.
Baldivis was the top selling southern suburb last week, 1 August 2020 with 11 sales. Baldivis is a mortgage belt suburb in which values could be negatively impacted later this year following the memoriam on mortgage repayments expiration. COVID-19 unemployment is expected to rise over the next 6 months and the likelihood of mortgagee distress sales at a heightened level.
In a survey conducted by REIWA, 90 per cent of respondents considered stamp duty to be a significant barrier to home ownership, which is why the Institute is calling for every political candidate to commit to a two-stream revenue collection method for stamp duty....
Sales activity increased seven per cent in Perth last week, with REIWA members reporting 843 transactions. This increase can be attributed to a four per cent increase in house sales and a 31 per cent increase in unit sales. However, there was an eight per cent decline...