WA house price increases despite pandemic fears

The Real Estate Institute of WA (REIWA) has stated the index for Perth’s house prices has remarkably increased by 0.5% in March and 0.2% for the first half of April, defying opinions that the virus would cause induced panic selling.

 “There is no panic selling, prices are remaining stable and we are not seeing people try to cut and run,” said REIWA President Damian Collins, who believes that buyers and sellers are both waiting to see how the pandemic plays out.

Mr Collins data also revealed that home rental prices have remained stable at $360 a week, however this data does not include renegotiated leases. As such tenants with incomes affected by COVD-19 may currently be receiving reduced rents from their landlord.

With little stock on the market and low vacancy rates Mr Collins commented on WA continuing to be the most affordable state in Australia after five years of unrelenting property price decreases.

This is a brief summary of the article ‘Property’s still as safe as houses’ by Kim MacDonald | Published in The West Australian | Thursday 16^thApril 2020.