Perth’s dormant unit market is no longer stagnant with a 58 per cent jump this March quarter compared to last year which has owners preparing for some long overdue price gains.
Recent unit purchase growth has not only outperformed house sales during the March quarter but are bouncing back to levels not seen since 2013. Mark Hay Realty Group Principal believes people can be confident that soaring prices aren’t too far behind.
“Fast sales will continue as the market contracts further and more expats return to our wonderful state. We have the highest rental increases, the highest rate of investment return, the lowest unemployment rate and we are the highest-income earning state in the country.” said Mr Hay
REIWA President Damian Collins has forecasted unit sales reaching an eight-year high which is likely to be sustained throughout the remainder of 2021.
“Apartments, townhouses and units also offer plenty of lifestyle appeal and convenience, as they are generally lower maintenance and positioned closer to the CBD and other amenities,” said Mr Collins.
This is a brief summary of the article ‘Units flying off the shelves as buyer market tightens’ by Tamra Carr | The West Australian | Saturday 29th May 2021.