Salesactivity in the Perth metro regionincreasedin July, withreiwa.com data showing volumeswere up68per centcompared toAprilacross both dwellings and land sales.
REIWA PresidentDamian Collinssaidwhilstsales activity was quiet during the initial stages of the COVID-19 lock down restrictions, it is great to seelevelspick back up to where they were before the pandemic hit.
While there are no surprises with the increase in land sales for the month, which saw a 121 per cent increase compared to April, it was pleasing to see that both houses (up 58per cent) and unit sales (up 51 per cent)also saw asignificantincrease,MrCollins said.
According to reiwa.com data, Byford had a 92 per cent increase in sales activity compared to June, which was closely followed by Port Kennedy (up 88 per cent),QuinnsRocks (up 50 percent),Heathridge(up 42 per cent)and Banksia Grove (up 38 per cent).
Listings for sale
Listings for salein the Perth metro areaexperienced asmall three per cent increase compared to June.
With the increase in sales activity, it is good to see a slight increase in the number of listings for sale, which demonstrate those who were considering selling their property are looking at the favorable market conditions and choosing tonowsell,MrCollins said.
While we have seen a slight increase in listings this month, the number of properties for saleareactually25per cent lowerthanJuly 2019.
Median house price
Perths median house price remained stablein Julyat $475,000compared totheprevious month.
On an annual basis, priceslowered slightly, with the median house price only2.3per cent lower than it was in July 2019, Mr Collins said.
CoreLogics findings for July supported thereiwa.com monthly data, showing Perth house values hadmarginallydeclined0.6 per centduring the month.
Although Perths overall median house priceremained stablein July,reiwa.com data showsoneinthreesuburbs recorded an increase, Mr Collins said.
East Fremantle saw the biggest growthinmedianhouseprice for the month with a 4.8 per cent increase, this was followed by Pinjarra (up 3.3 per cent), Rivervale (up 2.9 per cent), Forrestfield (2.7 per cent) and Yangebup (up 2.5 percent).
Perth rental market
Leasing activity in the Perth metro areadeclinednineper centover the month, howeverreiwa.com data shows it lifted13per cent in the three months toJuly.
Althoughleasing volumes were down lastmonthcompared to July, tenantsremainvery active right now,as listings for rent have decreased seven per cent compared to June and 48 per cent compared to July 2019, MrCollinssaid.
The top suburbs to see an increase in leasingactivitygrowth include Leeming, Victoria Park,Stirling,St James and Halls Head.
Median rent price
Perths overall median rent price was stable in the three months toJuly,holdingat $350 per week.
In terms of houses and units, this broke down to $370per week for houses and $340 per week for units-up $5 per week compared to June,MrCollinssaid.
According to reiwa.com data Applecross sawan8.2 per cent increase to $595 per week, which was followed by South Perth (up 4.2 per cent),Wellard(2.9 per cent), Cloverdale(up 2.9 per cent)and Belmont(up 2.9 per cent).
With the WA property markets returning towards normality, now is the time toconsiderthe currentemergency period tenancy legislation for residential and commercialproperties andallow it to endat the current proposed time of 29 September 2020,MrCollins said.
