How Things are Heating Up on the Perth Property Market

The Perth property market is seeing a change in direction that’s been sizzling beneath the surface for some time.

As people come back home from overseas and interstate, because interest rates are incredibly low and people are realising the value of having a home, there are substantially more players in the Perth property market.

In today’s blog, we’ll also be looking at what the Perth property market of 2021 means for tenants.

Want to see how things are heating up on the Perth property market and how to benefit from or prepare yourself for it?

Read more from your local property management experts at Thought Leaders Real Estate to find out.

Buying and selling in Perth in 2021 

Should you put your property on the market in 2021? Should you make the leap and buy a property in 2021 – be it a first home, upsizer or downsizer? It’s a question many of us on, or want to be on, the property ladder are asking ourselves.  

So, let’s look at the data… 

• According to CoreLogic, Perth’s median house price rose again in January to $484,280. 
• Sellers are responding to the attractive, under-supplied but demanding market, with 8287 properties listed for sale on reiwa.com in January, a 1.2% increase on December 2020 numbers. 

REIWA President Damian Collins had this to say: 

“Unless we see a sustained lockdown and a significant economic impact, the property market is likely to continue its strong recovery.” 

Properties are selling faster, which means buyers are needing to act a lot faster to secure a property. 

It’s a similar story on the Perth rental market. 

Leasing a property in Perth in 2021 

The Perth rental market is remaining tight, with January marking five consecutive months of less than 3,000 properties listed for rent on reiwa.com. 

What does this mean? 

• A significant reduction in stock compared to pre-pandemic days, 
• A severe rental shortage, and 
• High competition and turnout for many property viewings. 

With the end of the rental moratorium on March 28th, 2021, it’s hoped this while ensure the situation doesn’t worsen. 

What CoreLogic research director, Tim Lawless, had to say: 

“The strong rental conditions comes after a long run of falling rents and low levels of investment activity…The result is [an] extremely tight rental supply at a time of rising demand, while affordability is relatively healthy due to the sustained fall in rents between 2013 and 2018.” 

Need guidance in sourcing a rental property for yourself or suitable tenant for your rental property? 

Talk to Thought Leaders Real Estate today. 

The Thought Leaders in Perth real estate 

Thought Leaders Real Estate is a Perth real estate agency here to help buyers, sellers and renters with their property desires and requirements. 

We’re the property management experts in Perth, always working in the best interests of tenants and landlords. 

Things are definitely heating up on the Perth property market, so let us help you get prepared to weather it to get the best outcome. 

Contact Thought Leaders Real Estate today for simplified buying, selling and leasing on the Perth property market.