Sales activity more than doubles in 10 Perth suburbs as first home buyer activity ramps up 105 per cent
17th June, 2021
reiwa.com settled sales data for the March 2021 quarter has revealed that 10 Perth suburbs have more than doubled their sales volumes when compared to the March 2020 quarter.
REIWA President Damian Collins said the March quarter saw strong sales growth across Perth, with a 31 per cent increase when compared to the March 2020 quarter, but 10 suburbs stood out with more than 100 per cent sales activity growth during that time.
“Warnbro led the way, with 167 per cent more sales in the first quarter of 2021 than the same time last year. Second was Seville Grove (161 per cent), followed by East Victoria Park (152 per cent), Carramar (144 per cent) and Westminster (129 per cent),” Mr Collins said.
Mandurah, Dawesville, Wannanup, Beeliar and Maddington also recorded more than 100 per cent sales activity growth.
reiwa.com data shows a total of 138 suburbs in Perth recorded increased sales volumes in the March 2021 quarter.
First home buyers
Mr Collins said it was interesting to see that majority of these suburbs that saw substantial sales growth have a median sale price around or below the Perth median of $510,000, suggesting that many first home buyers are opting to buy instead of rent due to the relatively affordable prices and record low interest rates.
“In conjunction with the increased sales activity, WA also had the biggest annual increase in first home buyers in the country, with the latest Real Estate Institute of Australia (REIA) Housing and Affordability Report revealing that first home buyer activity in WA increased 105 per cent over the past year.
“Even though the property market has started to heat up, it’s comforting to know the dream of home ownership is still very much achievable in WA.”
Median sale price growth
Mr Collins said it was pleasing to see the uptick in sales translate through to increased median sale prices in all of the top 10 suburbs.
“Out of the top 10 suburbs on this list, Wannanup recorded the biggest increase to its median house sale price when comparing the March 2021 and March 2020 quarters, increasing 21.2 per cent to $515,000. This was followed by Mandurah (up 15.5 per cent to $280,000), Seville Grove (up 13 per cent to $339,000), East Victoria Park (up 10.7 per cent to $650,000) and Carramar (up 10.6 per cent to $520,000).
“Despite the recent price increases, REIA’s Real Estate Market Facts for the March 2021 quarter revealed Perth had the lowest median house price in the country, which is driving first home buyer activity in these suburbs.
“As the market continues its recovery, we should see buyer confidence continue to gain momentum. If you are thinking of purchasing your first home, you can be assured there is still excellent affordability in the WA market,” Mr Collins said.
Sourced from REIWA.com.au