Phil's Property Corner - How is the Perth property market responding to COVID-19?

May 07, 2020 by Rebecca Crommelin

The weather this week has given us a real taste of winter, so what a perfect time to cosy up and read the latest Phil's Property Corner - written by Phil Bertram from Candour Property Group. Check out how the Perth property market is going during this uncertain time. 

Despite all that volatility we have seen in April within many investment markets, Perth’s median house price actually increased marginally, by 0.2% to $477,000. Sales activity was down by 40%, the median rental price decreased by $10 per week to $350 per week and leasing activity dropped also by 21%. You can find REIWA’s April property market update here.

Further to the REIWA update, PerthNow has published an article that goes into a little more detail, pleasingly also highlighting that very few tenants are falling behind on their rent, giving further hope that there may be limited financial fallout for West Australians as a result of the forced shutdowns of companies. You can read about that here.

WAToday has released an article discussing how the interest in off-the-plan apartments has reacted to the recent social distancing changes. It also broadly talks about the West Australian market being comfortably placed relatively to other states, with momentum really starting to build until the sweeping lifestyle changes came into effect. With the relaxation of these requirements potentially in sight, there has been an upswing in property purchasing interest in Perth. You can find the article here.

We can all give ourselves a pat on the back for contributing to the reduction of the spread of this virus in WA and it is heartening to hear the leaders keep both public health and employment as priorities during this time. An article from yesterday highlights that the next phase of WA’s response is to get the economy restarted safely as quickly as possible, we are certainly hoping that this will limit the financial fallout impact as much as is possible. You can read that article here.

If you would like to discuss any of the above and how it applies to you, we are here to help. To arrange for Phil to call you please email him with your name and contact number on phil@candourproperty.com.au and he’ll be in touch.