BUYER FRENZY FOR 2021

Buyers are racing right now to get on Perth’s property market ladder. Last week a home open in Carine saw more than 200 people view a house which had only been online one day prior to the inspection.

“It was the biggest home open I have ever had” commented Realmark Coastal Real Estate Agent Karen Riches. Usually a big home open in Carine would be 50 groups, so to have 83 groups show up and another 83 groups three days after just one day of advertising was crazy.

The interest in this suburb reflected wider buyer interest across Perth in the first week of January. The figures for the first full week of January saw sales activity rise 201% according to REIWA with members reporting 699 transactions for the period.

“Record low interest rates played a key role in supporting housing market activity, along with a spectacular rise in consumer confidence as COVID-19-related restrictions were lifted and forecasts for economic conditions turned out to be overly pessimistic,” said CoreLogic executive Tim Lawless who believes the strong start of the year is due to a multitude of favourable conditions.

CoreLogic’s Head of Research Australia Eliza Owen commented, “Overall, the housing market outlook for 2021 is positive, given highly accommodative monetary and fiscal policy, signs of an economic recovery and many first homebuyer incentives remaining in place through to early next year,”.

This is brief summary of the article ‘Buyer blitz points to rising fortunes’ by Rhys Prka | The West Australian | Saturday 16th January 2021.