Perth housing values have been rising at more than 1% each month over the past four months, resulting in the strongest three-month trend in capital gains since 2009.
While values are rising rapidly for both houses and units, it’s the detached housing sector recording the strongest capital gains.
House values are up 5.0% over the past twelve months while units are 1.9% higher.
The surge in housing values has been accompanied by a substantial lift in buyer activity, with CoreLogic estimating the number of home sales to be 44% higher than a year ago over the past three months.
With conditions so tight, the amount of time it takes to sell a property is now averaging just 28 days compared with 51 days a year ago, and discounting rates have reduced to just 2.9% compared with 4.0% at the same time last year.
With demand so high and listing numbers tracking about 29% lower than last year, it looks likely that Perth’s housing market will continue to provide strong selling conditions in 2021.