Strong sales to boost Perth’s median house price by 10% in 2021
Banksia Grove has emerged as Western Australia’s top suburb by sales activity growth in December, with experts predicting strong sales activity to boost Perth median price by as much as 10 per cent in 2021.
Property sales in Western Australia jumped by 42.5 per cent year-on-year in December, as the traditionally slow month saw a flurry of activity, new data from the Real Estate Institute of Western Australia (REIWA) has revealed.
According to the REIWA, both house and unit sales saw a strong boost in December, with yearly growth of 50.5 and 51 per cent, respectively, while land sales clocked a 4.3 per cent drop.
But, while activity did pick up, sale listings continued to decrease in December, dropping by 19.4 per cent compared to the same month in 2019. Based on this trend, the REIWA expects prices to continue to swell throughout 2021.
Top suburbs for sales activity growth
Perth’s Banksia Grove emerged as the top suburb by sales activity growth in December, with a 157 per cent month-on-month increase and a median sale price of $371,000.
It was closely followed by Fremantle which clocked a 100 per cent increase and a median price of $767,500, and Erskine with a 38 per cent increase and a median of $402,500.
Rounding out the top five suburbs were Yanchep (30 per cent increase in sales activity growth) and Mount Hawthorn (29 per cent).
Top price growth suburbs
According to the REIWA, Perth remains very favourable for buyers and investors, with forecast median price growth between 6 and 10 per cent in the 2021 calendar year.
In December alone, Perth’s Kelmscott saw the biggest increase in median prices, up by 6.2 per cent to $375,000, followed by Yokine with a 4.8 per cent lift to $650,000.
Wellard and Girrawheen tied for third place with a price increase of 4 per cent to $399,500 and $310,000, respectively, while the median price in Applecross added 3.4 per cent to $1.21 million.
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