Profits rise for property owners

Perth property sellers are reaping the benefits of the improvements in the market, with the number of profit-making sales increasing to 73.8 per cent in the March quarter 2021, up from 66.8 per cent in the previous quarter and 56.9 per cent for the same time last year.

Corelogic’s Eliza Owen said while the rate of loss-making sales across Perth was still elevated, and the second highest rate of the capital city markets besides Darwin, a rapid recovery trend had supported an uplift in the incidence of profit-making sales.

“Between the market trough in July 2020 and March 2021, Perth dwelling values have risen 8.2 per cent,” she said.

“However, it is also worth noting that new listings volumes, particularly in the unit segment, have risen strongly across the capital in recent months.

As prices for Australian property have skyrocketed across the country, there have been more homes pushing into the $1 million value or above, with 218 new suburbs joining the club.

In the year to March 2021, around 40 per cent of houses or units across Sydney sold for at least $1 million.

But while Sydney can still claim the most houses or units with a median value of $1 million or more, it was another city that took out the title for the biggest overall jump in reaching the milestone, CoreLogic research revealed.

In Perth, there are 42 house markets with a current median value of $1 million or higher as of May this year, which is a 61.5 per cent increase from 2020 which is fabulous news for the property industry.

With the marketing being so hot and the regional areas soon to follow now is the perfect time to get into the property market Perth.

Call the Sales Team @ Salt Property Group to see how we can help you achieve your property goals!

**information sourced from PerthNow and Corelogic