Perth property market heats up with 37% increase in sales activity
The Perth property market has started the new year red hot with sales activity increasing 37 per cent compared to the same period last year as reported by REIWA.
There were 8,263 properties listed for sale, which was 33 per cent down on this time last year and 13 per cent lower than levels seen four weeks ago.
There were 2,835 properties for rent in the rental market, which was 54 per cent lower than levels seen a year ago.
With sales activity up, properties for sales down and rental availability down, there is upwards pressure on the median sales price and the median rental price.
I expect that supply will increase slightly in the coming weeks, but I also expect that demand will also increase as well.
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