- Warnbro recorded 167% more sales during March 2021 quarter compared to March 2020
- All except one of the top ten suburbs is either below or around the Perth median
- First Home Buyer activity is also up 105%
March 2021 quarter settled sales data from reiwa.com has revealed ten Perth suburbs have at least doubled their sales volume compared to March 2020.
Overall, Perth saw a 31% increase in sales compared to March 2020, however, the stand out was Warnbro which saw 167% more sales, closely followed by Seville Grove (161%) and East Victoria Park (152%).
For the quarter, the reiwa.com data showed 138 suburbs had increased sales volumes, with the majority of these suburbs having a median sale price around or below the Perth median, which currently sits at about $510,000.
Quarterly sales growth – Perth
|Suburb||Median price March 2021 qtr||Change in median vs March 2021 qtr||March 2021 qtr sales||Change in sales vs March 2021 qtr|
|2. Seville Grove||$339,000||13%||60||161%|
|3. East Victoria Park||$650,000||10.7%||58||152%|
First home buyers still buying
Much of the sales activity is from first home buyers, which REIWA President, Damian Collins, attributes to the fact many buyers are opting to purchase instead of renting due to relatively affordable prices and record low interest rates.
“In conjunction with the increased sales activity, WA also had the biggest annual increase in first home buyers in the country, with the latest Real Estate Institute of Australia (REIA) Housing and Affordability Report revealing that first home buyer activity in WA increased 105 per cent over the past year,” said Mr Collins.
“Even though the property market has started to heat up, it’s comforting to know the dream of home ownership is still very much achievable in WA.”
Damian Collins, REIWA President
Median sale price on the rise
All the top ten suburbs have also seen their median sale price increase, with Wannanup recording a 21.2% increase to $515,000, followed by Mandurah (15.5%) and Seville Grove (13%). However, Perth remains the most affordable capital city, as confirmed recently by REIA.
“[This] is driving first home buyer activity in these suburbs,” added Mr Collins.
“As the market continues its recovery, we should see buyer confidence continue to gain momentum. If you are thinking of purchasing your first home, you can be assured there is still excellent affordability in the WA market.”