Perth Sale Listings Hit 10-Year Low
It’s the seventh consecutive month listings for sale had declined in Perth.
By Terry Christodoulou
Tue, Mar 2, 2021 2:18am
2 min
2 min
Perth’s sale listings dropped to a 10-year low in February, with reiwa.com counting 7,899 listings at the end of the month.
This marks the seventh consecutive month of declining listings numbers in Perth according to REIWA President Damian Collins.
“In the span of a year, listings have dropped 36.5 per cent to now sit below 8,000 for the first time in about a decade. Buyers are very active in the market and soaking up stock at a rapid pace,” Mr Collins said.
Data from reiwa.com shows that the median sale price in Perth in February was $490,000.
“There were 50 Perth suburbs that saw their median sale price increase in February,” Mr Collins said.
“The suburbs with the biggest increase were East Fremantle (up 5.7 per cent), South Yunderup (up 5.2 per cent), Seville Grove (up three per cent), Cloverdale (up 2.7 per cent) and Ballajura (up 2.5 per cent).”
“Yes, property prices have increased in the last six months, but they remain below what they were five years ago so there are still good deals to be had.”
Further, data collected by reiwa.com shows the median time to sell a property was 21 days in February, which was on par with January, but some 25 days faster than it was in February of 2020. According to Mr Collins, houses in Perth haven’t sold that fast since 2006.
Perth’s rental market saw only 2,839 properties listed for rent at the end of February, according to reiwa.com data.
“This marks the sixth consecutive month we’ve seen listings sit below 3,000. Perth desperately needs an influx of rental stock in the market to provide renters with more housing options,” Mr Collins said.
Perth’s median rent price held at the five year high of $400 per week in February, which is on par with January and $40 more per week than February 2020.
“reiwa.com data shows 258 Perth suburbs saw an increase in rent during February.”
To compound the issue there were 186 Perth suburbs that recorded an increase in leasing activity during the month. It took a median of 19 days for a lessor to find a tenant for their property in February.
“Median leasing days are the lowest they have been since June 2013. Like we are seeing in the sales market, with so few available listings, tenants are having to act very quickly to secure a rental,” Mr Collins said.
MOST POPULAR
What a quarter-million dollars gets you in the western capital.
Alexandre de Betak and his wife are focusing on their most personal project yet.
Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market
By CASEY FARMER
Tue, Aug 27, 2024 < 1 min
< 1 min
A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.
Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.
The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.
Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.
The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.
Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.
In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.
As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.
