March quarter a "pleasing" one for Perth market

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Conditions in Perth’s property market over the March quarter were pleasing according to Western Australia’s peak real estate body.

According to figures from the Real Estate Institute of Western Australia (REIWA), Perth’s median house price in the three months to March was $535,000 – the same figure recorded for the three months to February 2016, while sales figures saw a solid increase.

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

“Pleasingly, since the Christmas and New Year period there has been more balance and stability in the market with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter,” Groves said. 

The lift in sales was felt across the entire city; however the North West and South West sub-regions saw the largest increases at 23%.

“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 said.

Compared to December, listings rose 7% during the March quarter; however Groves isn’t expecting a wave of properties to hit the market.

“While there is 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 said the rental market in Perth is starting to benefit from overseas migration, with it recording a slight drop in its vacancy rate over the quarter.

“Perth’s vacancy rate has also improved, coming down to 5.9 per cent in the three months to March from six per cent in the three months to January,” Mr Groves said. 

Rent prices in Perth were steady across the period, with the median rent for houses and units remaining at $400 and $380 per week respectively for the three months to March 2016.
 

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