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Property market set for open border influx

With the borders now open, there’s no festive lull in sight for the Perth property market.

Jones and Co director Kelly Jones said her team was preparing for the market influx and a significant pressure on prices over the next six months.

“And WA’s border opening up also means there’s potentially even more people in the equation in a market where some areas had very limited stock,” she said. “We’re finding that properties in areas well serviced by public transport and infrastructure are highly sought-after, along with houses on larger blocks that offered solid returns.”

Real Estate Institute of WA president Damian Collins said agents were reporting that they were receiving multiple offers and often thousands more than the advertised price.

Mr Collins said he hadn’t seen this since 2013.

“It’s definitely a recovering market and in some sectors there is FOMO, shown by some of the prices people are offering,” he said. “People see that the bottom of the cycle has come and want to get in now before it moves.”

And for the first time in years, house prices are rising across the board in all Australian capital cities at the same time.

REA Group Chief Economist Nerida Conisbee said the early pessimism associated with the pandemic had given way to significant price growth.

She said that Australians should be cautious of buying into a top-growth area.

“If you see a 40 per cent increase in one area over the past 12 months, it’s unlikely that will continue,” she said. “Best advice is to either buy smaller or in surrounding suburbs.”

Sales activity increased four per cent in Perth last week, with REIWA reporting 1074 transactions.

This increase was attributed to stable house and unit sales and a 44 per cent rise in vacant land sales over the week.

There were 9723 properties for sale in Perth at the end of last week, which is four per cent less than the previous week.

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