Perth tops property sales in February

This two-bedroom, two-bathroom apartment near Perth Arena sold for $445,000 to a single professional who works in the city.
This two-bedroom, two-bathroom apartment near Perth Arena sold for $445,000 to a single professional who works in the city.

PERTH was the top performing suburb in the four weeks to February 25 with 15 sales, according to the latest local data from Reiwa.

Mack Hall Real Estate’s Richard Self said the Perth market was the cheapest he had seen in 14 years and most apartment sales taking place were in the established market, not off the plan.

“The city and apartment market are going through a transitional period, with a changing of the demographics that were buying and living in the area,” he said.

“Ten years ago it was almost all investors and first-home buyers purchasing apartments.

“Now it is completely different, with local buyers moving in and capitalising on the amazing value and lifestyle on offer in the city, with the completion of Elizabeth Quay, Yagan Square, the Perth/Northbridge Link taking shape and so many more restaurants and cafes than in |earlier years.”

Mr Self said the growing owner-occupier movement was made up of downsizers from the outer suburbs, young couples/|families that were upgrading their current apartment, and tenants who had been watching the market and realised now was the time to buy before prices and rents start heading up.

“Leasing activity in Perth has also picked up, which is luring savvy investors back into the market with greater confidence their investment will lease quickly,” he said.

Buyers were active across a range of price brackets.

“Downsizers are looking at two or three-bedroom apartments with views and two car bays priced between $600,000 and $1 million,” Mr Self said.

“Couples/young families upgrading and tenants buying cover the price range $400,000-$750,000 and this is mainly two and three-bedroom apartments in their preferred lifestyle pocket.”

“Investors are looking for returns and value, this currently sits in the bottom end of the market with modern one-bedroom apartments with car bays selling for an unbelievably affordable high $200,000s.”