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.
Suburb Spotlight
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.
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