We don’t need to remind you of what a year 2020 was or remind you of its effects well into 2021. However, there were some prominent Australian property trends, in the residential and commercial spheres, that we can all definitely learn from.
Whether you’re interested in buying or selling, tenanting or investing in a slice of Australian property paradise, it’s worth looking at the year that was, to prepare for the year that is.
So, what were the property trends in 2020 and how can we learn from them?
Read more from the Perth property management team at Pro Property Group to find out.
2020 residential property trends
The pandemic turned the whole world on its head in 2020, including global, national and local housing markets.
According to REIWA president, Damian Collins, WA was and is “showing extremely positive signs” despite the lull experienced at the beginning on the pandemic in the first half of last year.
Here’s what we saw:
- Sales in Perth were sitting at approximately 2,900 transactions per month at the start of 2020.
- At the close of 2020, sales activity grew to around 4,200 transactions per month.
- Stock was low as well, reaching a 13-year low, which put an upwards pressure on prices.
Finding and securing a property to rent in 2020 was incredibly tough. With the influx of people returning home to Perth due to heightened pandemic numbers abroad, there were people needing a place to call home more than ever before.
A dropping vacancy rate of less than 1% proves just how hard this was, and to many, continues to be. We can all learn from this moving forward.
Talk to the Perth property management experts at Pro Property Group about how you can better your chances of securing a home to buy or rent.
2020 commercial property trends
2020, amongst so many other things, was the year of working from home. This has made many business owners re-evaluate their future office space needs.
It was the year where restaurants and retail industries had to pivot to stay viable.
Here’s what else we saw:
- Distribution warehouses and childcare centres becoming hot property
- Looking beyond the CBD to commercial opportunities in the suburbs
- Subleasing becoming mainstream
Interested in commercial property investment? Talk to the Perth property management team at Pro Property Group to secure a great deal.
Your Pro Perth real estate agency here to help
Pro Property Group is a humble Perth real estate agency that has great potential in helping people enter into and climb up the Perth property ladder.
We have the experience and expertise in helping first home buyers and investors source and purchase the right property for their needs, and landlords and tenants achieve the best deal for them with our Perth property management services.
Pro Property Group are also the experts in commercial property management.
Talk to us today about how the Perth property trends of 2020 will affect your preparation for securing a little slice of Perth property heaven.
