Affordable suburbs lead recovery in Perth

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House prices in Perth rebounded in the March quarter, racking up a healthy 2% increase in median sale prices, according to the Real Estate Institute of Western Australia (REIWA).

Affordable suburbs such as Gosnells attracted strong buyers' interest, pushing median price up by 3%, while Wanneroo jumped by 3.6%.

REIWA president Rob Druitt said the overall sales volume was up 40% in the quarter, back to a level similar to September 2006, just as the housing boom was starting to subside.
"Increased sales activity was experienced across the whole market," he said. "However, the more affordable price band of $300,000-500,000 dominated the turnover and provided 57% of all sales."

Druitt noted that the more expensive $600,000-750,000 range saw an increase in activity during March, as did the premium market above $750,000, suggesting that 'upgrade' buyers' confidence is returning somewhat.

Properties are also selling faster in Perth. The average number of selling days fell to 76, down from its peak of 80 days in the September quarter last year. Areas targeted by first homebuyers are showing notable declines in the number of selling days. In Armadale-Serpentine, properties are now taking 70 days to sell, down by 11 days, while in north-east Wanneroo, selling days fell 21 days to 68.

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