It was a busy year-end for Perth's residential market as sales activity saw substantial growth in December, according to the latest market update from the Real Estate Institute of Western Australia (REIWA).
Despite December being a traditionally quiet month for sales, activity in Perth increased by 42.5%, substantially higher than the turnout during the same month last year.
Damian Collins, president at REIWA, said the increase in sales activity could indicate that buyers are taking advantage of the market conditions while they are unable to travel.
"Agents on the ground have reported that good, quality stock is being snapped up fairly quickly, and with listings for sale decreasing 16.5% in December, it is only a matter of time before median prices start to increase," he said.
Median prices remained stable over the month, sitting at $480,000. Around 45 suburbs in Perth reported an increase in median price during the month.
Kelmscott registered the largest increase in median sale price with a 6.2% increase to $375,000, followed by Yokine with a 4.8% increase to $650,000 and Wellard with a 4% increase to $399,500.
Collins said Perth remains favourable for buyers and investors even with the expected increase of up to 10% in median price this year.
"I would advise those who are thinking about purchasing their first home, trading up or investing, to act soon before prices inevitably rise," he said.