Strong Start to 2022
CoreLogic’s National home value index increased 1.1% in January, with Perth recording a 0.6% increase for the month. This growth continues a positive trend for Perth housing values over the past three months, and is even more encouraging given that January is often a slower month following the holiday period.
Whilst the growth for January is lower than the 1.6% rise seen at the same time last year, it is the largest increase recorded since CoreLogic released its revised index series for Western Australia.
With the Reserve Bank of Australia board leaving the official cash rate at a record low of 0.1%, demand from home buyers and investors is set to see the Perth property market continue its growth trend throughout 2022.
Good news for buyers however, is that according to REIWA data, there was a 3% increase in the number of houses for sale in January compared to the previous month.
Although, the average days to sell a house in January was only 15 days. Comparatively, the same time last year was 21 days. This short time on market indicates that the competition in the Perth property market continues strong.
Source: CoreLogic
Perth Suburbs Moving Up
Whilst Perth saw an overall increase in average house sale values for January of 0.6%, numerous suburbs saw a much larger increase over the month. Erskine experienced the largest increase in average home sale values for January, rising 4.4% to $450,000. Second place, by a large margin, was Padbury, which increased 2.4% to $615,000.
Kalamunda took third place, with house sale values rising to $725,000, an increase of 2.1%. Harrisdale was very close behind with 2% growth to $549,000. Harrisdale did top the list of fastest selling suburbs for January however, with an average time to sell of just seven days.
Wembley rounded out the top five list of house sale growth values for the month, increasing 1.7% to an average value of $1.3 million. Kinross, Spearwood and Landsdale were also above average performers for the month of January.
Outlook for Perth
During February there were 7,982 properties for sale in Perth, housing listing decreased by one per cent. A further breakdown of those numbers shows only 3,891 houses for sale. This represents less then five weeks supply based on the current sales.
Quality family homes all over Perth are still in strong demand, with most well priced properties selling after the first home open and normally with multiple offers.
Investors are also returning to the market, with a large increase from eastern states investors and smaller increase from local investors.
With the imminent opening of the the borders, we are expecting demand from interstate re-locators and investors to increase, keeping the property market very buoyant for at least the rest of 2022.
What’s Happening at Resolve?
Traditionally, January is a slower month, with most industries still in holiday mode and getting back into the swing of things. The team at Resolve Property Solutions however, have hit the ground running in January working hard sourcing and inspecting properties for their clients.
A record seven purchases were made for the month of January, with a massive 70% of these being off market.
At Resolve Property Solutions, we are working with our clients to gain access to as many suitable properties as possible. As well as sourcing properties which meet our clients brief, we also search for off-market opportunities where possible to provide more options, and always ensure they are buying the right property at the right price.
If you would like to chat to our buyers agent about your property requirements and strategy, please give us a call on 0401 774 715 or email us today info@resolvepropertysolutions.com.au.
We are here to help you on your property journey.
