INDUSTRY NEWSNEWSWA

Perth sales activity jumps 20 per cent

Real estate sales activity in Perth surged 19.8 per cent during the 2021-22 financial year, according to the latest data from the Real Estate Institute of WA (REIWA).

Dayton, located in the Swan Valley region, was Perth’s top suburb for sales growth surging 141.3 per cent compared to the 2020-21 financial year.

North Fremantle came in second, with sales up 125.9 per cent during the year, followed by Orelia with a 121.1 per cent increase in sales.

REIWA President Damian Collins said demand for Perth property remained high, led by low levels of stock.

“It’s been a solid year of sales for the Perth market, with a shortage of housing fuelling competition amongst buyers and resulting in strong sales turnover,” Mr Collins said.

The top 10 suburbs for sales activity all recorded more than 80 per cent growth in sales volumes, while six saw growth of more than 100 per cent, according to Mr Collins.

“The jump in sales activity in these suburbs is significant, with over half seeing volumes double between the 2020-21 and 2021-22 financial years.”

REIWA also found that seven of the 10 suburbs on the list had median house sale prices below $500,000 with five of those below $400,000.

“It’s pleasing to see such strong sales growth in the affordable end of the market,” Mr Collins said.

“Increased activity in this price bracket suggests first home buyers are very active.

“We are lucky in Western Australia that our housing market is still so affordable and that even as interest rates rise the dream of home ownership is still achievable for most people.”

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.