Perth's property market forecast for big rise

Perth's property market is on the rebound, experts say, with vendors welcoming rising prices after a battering by COVID-19.

"The number of buying enquiries that we're getting through on a day-to-day basis is probably double that to what we were getting about a month or two ago," real estate agent Richard Clucas told 9news.

Perth properties have dropped from an average of 55 days on the market to 28. Homes in Subiaco, Kingsley, Rivervale and Darch are selling in less than a fortnight on average, with Mt Hawthorn, Swan View, Beechboro and Coolbellup not far behind.

ANZ is predicting a 12 per cent surge in property prices for the Western Australian capital — the largest jump for anywhere in Australia.

But the state's peak real estate institute, Reiwa, has forecast a rise of about five per cent.

"It's a fairly optimistic and bullish forecast," Reiwa president Damian Collins said.

"We've got a shortage of stock, we've got very strong demand, the economy is doing well, and with the mining sector performing particularly strongly, there's no doubt Perth property prices are on the rise."

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The city's median property price is now lower than it was a decade ago at $495,000. It peaked at $545,000 in 2014 but has been falling ever since, to $475,000 last month.

"Whether or not that's temporarily or if that's something set to stay for the foreseeable future, we'll find out in 2021," Mr Clucas said.