Property sales down, but strong demand in several suburbs

Stock image.
Stock image.

BALLAJURA, Willetton and Bayswater saw property sales increase more than 55 per cent in June, according to the latest data from Reiwa.

Other suburbs to perform well were Canning Vale, Mt Pleasant, Piara Waters, City Beach and Bassendean, which all recorded increases over 20 per cent.

Heathridge and Safety Bay were the next best performers with a 15 per cent increase in sales activity.

Reiwa.com data showed the volume of Perth house sales were down 8 per cent in June when compared to May and president Damian Collins said a seasonal lull was not unexpected, but it was pleasing to see there were suburbs that appeared to be in strong demand.

Eight of the 10 best performing suburbs had median house prices below $650,000, with Mt Pleasant and City Beach the only million dollar suburbs to make the list.

“We also saw positive signs for multiple suburbs in terms of days on the market, with Kingsley, Hilton, Heathridge, Woodvale and Palmyra selling on average after 44 days on the market, compared to 79 days for greater Perth,” Mr Collins said.

Overall property prices declined, with CoreLogic’s latest home value index showing a 0.7 per cent decrease over the month.

Rental market activity also decreased in June, down 19 per cent with 3639 properties leased.

“It’s certainly common for leasing activity to decline over winter, and this month was no exception,” Mr Collins said.

“This month has shown a slight increase of rental listings in Perth by 3 per cent, however this is still a significant improvement compared to June 2018, which had seen a 15 per cent decrease since that time.”

Despite the decrease in leasing activity, reiwa.com data showed a $10 increase in the average rent price compared to June 2018.

“It’s positive to see the average rent price slowly rising from an annual perspective,” Mr Collins said.

Yangebup, Karrinyup and Nedlands recorded the highest increase to their average rent price, up about $20 per week.

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