The quarterly median for the three months to November was up by almost 4 percent and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter.
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Perth, WA (PRWEB) December 12, 2013
Things are looking up in Perth’s property market. The sellers are seeing better results, while tenants are experiencing a more favourable rental market. According to a just-released property results report from the Real Estate Institute of Western Australia (REIWA), the sales turnover boosted between October and November and, accordingly, raised the Perth median house price to a record high.
Perth’s median house price rose to around $530,000 to $535,000, which is comparatively higher than its $525,000 peak during June. REIWA president David Aldrey states that the rise in sales has to do with Perth coming out of the September slump of sales turnover. Aldrey also mentions that the move towards more expensive properties has hiked up the median to its current level.
Aldrey says, “The quarterly median for the three months to November was up by almost 4 percent and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter.”
However, not all of Perth is actually enjoying such favourable outcome in the market. Aldrey notes that while there was a good increase in sales within the 10km radius of the CBD, there was a softening of activity in outer areas.
The REIWA president emphasises that this is particularly along the coastal sub-regions, north and south of the city. REIWA’s report reveals the coastal regions, namely, Joondalup, parts of Wanneroo, and Rockingham saw a weakening of sales activity through the month of November.
Aldrey puts the data in perspective and remarks, “While this retraction in sales is only modest at around 2 to 3 percent in the previous month, it is accompanied by a drop in listings also in these areas, which suggests that the fall in sales activity has nothing to do with oversupply. It is more likely that first home activity in areas away from the coastal strip has been the focus of buyers in more recent times.”
Meanwhile, tenants are getting good news from REIWA’s property report as Perth median rents slide and the number of rentals rise. The median rent in the metropolitan area has gone down by over 2 percent in the last three months, to $460 across the board. Aldrey says that typical rent for Perth units and apartments come at around $450 per week, while houses come at around $470 per week. REIWA data shows that rental listings have also grown by 2 percent in one week alone, with 4,419 properties in the market and vacancy remains at about 3.2 percent.
REIWA is deeply committed and very active in advising the public of current as well as historic trends in the property market, from median prices to sales volumes and from percentage growth to regional data. The organisation also works to lobby for reform and changes on various matters such as consumer protection laws, planning decisions, and training requirements for the industry’s professionals. The organisation not only meets to serve the needs of buyers and investors, but also influences the real estate industry to improve the business and the profession.
For more up-to-date property market data, real estate listings, and other relevant property matters, explore the REIWA website today.