Perth market saw 'remarkable resurgence' in 2021

Rising values and lightning-fast property sales made for a very good year

Perth market saw 'remarkable resurgence' in 2021

Perth home values rose 13.1% during 2021, according to data from CoreLogic.

While Perth home-price growth ran below the national growth of 22%, the increase was good news for Perth property owners, according to Damian Collins, president of the Real Estate Institute of Western Australia.

“2021 saw a remarkable resurgence in the Perth property market, with low stock levels and strong buyer demand fuelling price growth,” Collins said. “We anticipate another healthy year of price growth ahead, driven by an increase in migration once borders open, which will sustain the demand for property in Perth.”

CoreLogic’s Perth home value index rose 0.4% during December. The city’s median house sale price was $520,000, according to data from REIWA.

“At a suburb level, December was another strong month, with 83 suburbs recording price growth,” Collins said.

The suburbs recording the largest median house sale price growth last month were Applecross (up 6.2% to $1.7 million), Kalamunda (up 4.9% to $710,000), Wannanup (up 3.4% to $585,000), Mandurah (up 3.2% to $310,000) and Bechenham (up 3% to $422.500).

There were 8,511 properties listed for sale on at the end of December, a 7% drop from the previous month.

“We saw a notable decline in listings for sale at the end of December compared to November, which is very typical for this time of year as sellers choose to defer listings over the holiday period,” Collins said.

However, listings for sale were up 4% from December 2020.

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While listings declined month over month, properties are still selling quickly in Perth. The median time to sell a house in December was 14 days, the same as November and seven days faster than December 2020, REIWA reported.

“Properties are selling very fast in Perth, with buyers needing to act quickly and competitively to ensure they secure a property,” Collins said.

The fastest-selling suburbs in December were Kingsley (six days), Coolbellup (seven days), Floreat (seven days), Greenwood (seven days) and Heathridge (seven days).