Perth's sales market managed to record a substantial improvement in activity from its recent low in April, with five suburbs leading the recovery, according to the latest report from the Real Estate Institute of Western Australia (REIWA).
Sales activity in the Perth metro region was up by 68% in July, driven by both dwelling and land sales. This growth in sales activity brings the market to the levels recorded pre-COVID-19 outbreak.
Five suburbs reported substantial gains in sales over the month. Byford led the uptrend with 92% growth, with Port Kennedy following closely with 88%. Quinns Rocks, Heathridge, and Banksia Grove, also registered up to 50% growth in sales in July.
Land sales were the standout during the month, increasing by more than two-fold at 121% compared to their recent low in April. Houses and unit sales also went up, reporting respective increases of 58% and 51%.
Damian Collins, president of REIWA, said the number of listings in the Perth metro area also grew in July, indicating increased interest from owners to sell amid the pandemic.
"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 favourable market conditions and choosing to now sell," he said.
However, the median house price in Perth declined marginally in July, falling 0.6% to $439,092, according to CoreLogic data.
Despite the marginal dip in median prices, five suburbs posted notable rises in median values over the month. East Fremantle reported the biggest gain in median house price at 4.8%, followed by Pinjarra (3.3%), Rivervale (2.9%), Forrestfield (2.7%), and Yangebup (2.2%).
