Unit sales increased 58 per cent in Perth in the March 2021 quarter compared to the March 2020 quarter.
REIWA President Damian Collins said early reiwa.com data for the March 2021 quarter showed growth in unit sales had exceeded growth in house sales over the last year, with house sales up 35 per cent during that same time.
“Unit sales are the highest they have been since 2013. Several factors are contributing to this. With the shortage of houses for sale, more people are considering a unit as a place to live. Also, we have started to see investors return to the market and many prefer to buy units.
“While the number of units listed for sale in March 2021 is down 16 per cent compared to March 2020, this decline is not as steep as house listings, which have fallen 41 per cent during that same time frame.
“Apartments, townhouses and units also offer plenty of lifestyle appeal and convenience, as they are generally lower maintenance and positioned closer to the CBD and other amenities,” Mr Collins said.
MEDIAN UNIT SELLING DAYS
“reiwa.com data shows it took an average of 32 days to sell a unit in Perth during the three months to March 2021, which is 25 days quicker than the 57 days it took in the three months to March 2020,” Mr Collins said.
“While units are being snapped up quicker than they were a year ago, the unit median selling time for the three months to March 2021 is still 17 days longer than the median selling time for a house (15 days).”
MEDIAN UNIT PRICES
Perth’s median unit price for the three months to March 2021 is $381,750, which is almost $120,000 less than the median house price of $499,000.
“Affordability is another factor contributing to the surge in unit sales. While Perth’s median house price has grown four per cent over the last year, the median unit price is only up 0.5 per cent,” Mr Collins said.
“ REIWA is forecasting strong house price growth in 2021. With the rental moratorium over and near record low vacancy rates, it is likely the strong demand for units will continue throughout the remainder of 2021.”
Sourced from REIWA.com.au