Perth Property: 5 Years From COVID-19
March 11th 2020, the World Health Organisation declared COVID-19 a global pandemic. CoreLogic marked this anniversary with a detailed look at how the pandemic influenced the housing market.
This research shows that one of the most significant impacts has been a substantial increase in housing values. While there were some ups and downs along the way, home vales nationally increased 38.4% in the five years since March 11th 2020.
To put that into perspective, the five years pre pandemic saw only a 20.6% increase in home values. And the five years prior to that, the increase was only 14.7%.
Perth experienced the biggest increase in housing values, adding a massive 75.9% since March 2020. Rental demand in Perth has also surged since March 2020. Perth rent rose 63.9%, the largest increase over the period for any capital or region.
The rise in Perth rents is attributed to a combination of high overseas and interstate migration, which is also a factor keeping home buyer demand high. Despite the significant rise in values since the pandemic, Perth housing remains relatively affordable and an attractive option for investors.
While growth in the Perth property market may be slowing, population growth and affordability will see the upward trajectory continuing.
Source: CoreLogic
Perth Suburbs Moving UpFebruary is a busy time for real estate, and that is reflected in the house price growth for the month, Mandurah lead the way, house prices there rose 2.9% to $530,000. Staying near the water, Doubleview experienced a 2.5% price jump to $1,190,000 over the month. Third place for February went to Carlisle, house prices there increasing 2.3% to $775,000. It was all tied up at the tail end, with both Lesmurdie an Bullsbrook seeing a 2% price rise, to $908,750 and $625,000 respectively. Banksia Grove, Stirling, Bayswater, Forrestfield and Seville Grove didn’t quite make the top five, but all performed exceptionally well, experiencing growth of 1.5% or higher for the month |
Property SpotlightOur team has been working hard to secure our clients the right property at the right price. Here’s a small sample of the properties secured recently: |
 |
What’s Happening In The Perth Property Market?
| In the past twelve months alone, we’ve helped over 160 clients close deals in high growth, high cashflow locations, while taking care of all the paperwork and dealing with the agents so you don’t have to.
What’s more, we’ve saved them thousands through our intimate market knowledge, vast off market referrer network, decades of experience in development, planning, investing and our ‘in the trenches’ up to the minute live pricing models. You may feel you’re already a good researcher, negotiator and deal finder and you probably are – for your level of experience. However the reality is – we’ve closed over 160 deals in the past year, developed a vast network of referrers over the past two decades, and built a team of full time researchers, deal finders and relationship builders to ensure that if anything happens in the Perth property market – we know about it….first! Maximise your options by accessing off market deals, giving you more properties to choose from, save time and avoid all the hassle, as we take care of all of the inspections, research and negotiations for you. If you’re ready to enjoy the same success as our clients, please book your complimentary discovery call today! |
