Western Australia‘s economic resilience during the Covid-19 pandemic has been underscored by new property and resources data.

Figures released by the Real Estate Institute of WA indicate Perth properties are selling at their fastest rate in 15 years.

The median time to sell a property in March was 17 days, the lowest rate since 2006.

CoreLogic data meanwhile showed the Perth home value index had lifted 1.8 per cent in March, the seventh consecutive monthly increase.

‘The turnaround we are witnessing in the Perth property market is quite remarkable,’ REIWA president Damian Collins said on Thursday.

Properties in Perth (pictured) are selling at their fastest rate in 15 years, figures from the Real Estate Institute of WA indicate

Properties in Perth (pictured) are selling at their fastest rate in 15 years, figures from the Real Estate Institute of WA indicate

Properties in Perth (pictured) are selling at their fastest rate in 15 years, figures from the Real Estate Institute of WA indicate

‘Perth is a seller’s market at the moment and buyers are facing a lot of competition to secure a property, which is reflected in how quickly we are seeing properties sell.’

The news is considerably worse for renters with just 2722 properties listed for lease in Perth at the end of March, down almost 50 per cent on the same time last year.

WA’s year-long rental moratorium expired this week, allowing landlords to charge tenants more and raising fears of increased homelessness.

‘Perth desperately needs an influx of available rental stock,’ Mr Collins said.

‘We need to incentivise property investment in WA so we can meet the demand for rental housing.’

Figures released by the state government showed WA’s resources industry reported record sales of $174billion in 2020, driven mostly by a surge in the iron ore price.

A surge in iron ore prices contributed to WA's resources industry reported record sales of $174billion in 2020 (stock image)

A surge in iron ore prices contributed to WA's resources industry reported record sales of $174billion in 2020 (stock image)

A surge in iron ore prices contributed to WA’s resources industry reported record sales of $174billion in 2020 (stock image) 

A record 140,940 people are working in the industry.

‘Western Australia and its resources sector have successfully navigated the pandemic to deliver these impressive figures,’ Mines and Petroleum Minister Bill Johnston said.

‘With around $140billion of resource projects in the pipeline, Western Australia’s future continues to look promising.’

With border closures allowing West Australians to live largely uninterrupted lives, WA has also posted record retail trade figures.

But while regional tourism has experienced a boom, some city operators have struggled with the lack of overseas and interstate travellers.

Premier Mark McGowan said many tourism businesses were ‘doing very well’ and indicated there was unlikely to be further state government assistance.

‘Clearly, we’ll continue to ensure the economy is strong,’ he told reporters.

‘But in relation to those sorts of businesses, it’s not an easy issue to resolve with the international borders closed.’

Source: DailyMail AU

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