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Perth house prices steady and sales activity up

Perth house prices steady and sales activity up

Perth’s median house price remained stable in March while reported sales activity in the metropolitan region increased 15 per cent over the quarter.

Real Estate Institute of Western Australia (REIWA) president Hayden Groves says the latest data shows Perth’s median house price for the three months to March 2016 was $535,000 – the same figure recorded for the three months to February 2016.

“We did see the median house price ease back slightly from the three months to December 2015, but this isn’t unusual as there’s typically some volatility during the festive season that can skew data.”

The increase in sales activity was felt across all sub-regions, with the northwest and southwest sub-region experiencing the biggest hike in activity – jumping 23 per cent over the quarter.

“At a sub-market level, Baldivis, Ellenbrook, Canning Vale and Morley were strong performers, recording the highest volume of reported sales for the month of March,” Groves says.

Listings for sale in Perth were reasonably stable in March, lifting moderately by two per cent in February and seven per cent when compared to three months ago.

Groves believes this subtle increase was likely due to the autumn selling season being in effect, as it’s typically the strongest sales period in Perth.

“While there’s still plenty of choice available to buyers, listings have stabilised. We’re not experiencing a flooding of the market, we’re seeing a small lift consistent with trends usually observed this time of year,” Groves says.

Rental market

Rent prices in Perth were steady across March, with the median rent for houses and units remaining at $400 and $380 per week respectively for the three months to March 2016. Vacancy rates shifted slightly from six per cent in the three months to January to 5.9 per cent in the three months to March.

Listings for rent also held relatively firm, adjusting negligibly by four per cent over the month and five per cent over the quarter.

Groves says an increase in overseas migration into WA was a likely explanation for why the rental market was showing signs of stability, with the Australian Bureau of Statistics’ latest population data revealing net overseas migration had crept back up again in the September 2015 quarter.

About API

Founded in 1997, API is Australia's highest-selling property magazine.

Original author: API
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