Realmark Jeanette Bates


What does 2021 have in store for WA’s real estate market?

Jeanette Bates
Towards the end of last year, we saw a significant increase in buyer activity across the state. Houses were selling in days, with multiple offers and high competition. REIWA reported, December sales activity saw 3,067 transactions for the month which is an increase of 42.5% when compared to the same time last year.

Perth’s median house price remained stable in December sitting at $480,000 with data from revealing that 45 per cent of suburbs saw an increase during the month.

While data shows the Perth median house price had stabilised, the latest figures from CoreLogic, show house values increased 1.1 per cent in December.
So what does this mean for home sellers and buyers?

We asked Realmark North Coastal Director and Licensee, Jeanette Bates for insights.

“The WA community and market are in a unique position. We have seen high buyer activity in the second half of 2020. What we have seen personally at Realmark North Coastal is homes selling fast, really fast and selling above-average prices for the area. Our Agents within the office have recorded record prices for our sellers with competition for homes at an all-time high. We have seen increased enquiries from the moment it hits the market and an increase of pre-inspection enquiries, this tells us that buyers are equipped, ready and actively searching.

The selling season, traditionally Spring, also began sooner, has stretched out and is still at an all-time high, that said we do not see this changing as we enter into the new year if anything it will continue. As more West Aussies were at home this holiday season they will be reevaluating what they love, want and need in their homes.
The rental market is no different, our current vacancy rate is 0%, that means all our rental properties are leased, they too have had a huge surge of competition and enquiry, leasing in less than 24 hours above asking price.” added Jeanette.

REIWA President Damian Collins backed the feelings felt by Jeanette Bates, stating,

“Perth remains very favourable for buyers and investors, however with REIWA expecting Perth’s median price to grow between six and 10 per cent in the 2021 calendar year, I would advise those who are thinking about purchasing their first home, trading up or investing, to act soon before prices inevitably rise.

Perth’s overall median rent increased $5 to $395 per week, which is the fourth month in a row rents have increased and is the highest it has been since February 2016.”
With the market heating up hotter than summer, the Perth real estate market is continuing to flourish. If selling, leasing or searching for a home is on your new years’ resolution list, reach out to the Realmark North Coastal team today to see how we can help you get a record sale, a new home or take care of your investment.
Jeanette Bates

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