Pandemic no barrier to residential sales in northern suburbs

Yanchep is one of five northern suburbs in a top 10 list showing residential sales activity is up significantly when compared to March 2020. File picture

FIVE northern City of Wanneroo suburbs are among the top 10 suburbs for sales growth since March 2020, according to REIWA data released today.

Ridgewood with a median house sale price of $412,000 claimed the number one ranking after sales growth of 192 per cent while Yanchep with a median house sale price of $450,000 ranked fifth after sales growth of 136 per cent. *

In seventh place Clarkson with a median house sale price of $425,00 registered sales growth of 132 per cent.

Two Rocks with a median house sale price of $408,000 had sales growth of 125 per cent, which meant it just beat Alkimos into 9th place.

Alkimos with a median house sale price of $431,000 had sales growth of 124.8 per cent which was rounded up for the graph.

Koondoola with a median house sale price of $365,000 made the top 10 in price growth with an increase of 38.5 per cent price growth since March 2020.

REIWA said since the onset of the Covid-19 pandemic in March 2020, Perth home values had increased 21.6 per cent, sales activity was up 56 per cent and the median time to sell had dropped from 43 days to 14 days.

President Damian Collins said when the pandemic hit in March 2020 there was uncertainty about what impact it would have on the property market.

Mr Collins said REIWA had expected a short-term downturn.

“At the time, some commentators and financial institutions were predicting 20 per cent price declines,’’ he said.
“Thankfully, the downturn was short lived and only small.

“After we came out of the first lockdown and restrictions eased, many people looked to take advantage of WA’s affordable housing and low interest rates.’’

He said this gave new energy to the Perth residential sales market.

Listings for sale is another key metric that has changed significantly since March 2020 – data shows there were just 7796 properties for sale in Perth at the end of March 2022 compared to 12,295 at the end of March 2020 – a 37 per cent decline.
“The pandemic has seen a return to net interstate migration into WA, which has certainly exacerbated Perth’s housing shortage, with far fewer properties available for sale than there was this time two years ago.’’

The REIWA website shows 157 properties and houses are listed for sale in Yanchep today, Ridgewood (51), Clarkson (81), Two Rocks (80) and Alkimos (67).

*REIWA data is for the year to March 2022 versus the year to March 2020.