House and unit prices softened marginally during the September quarter, making the housing market favourable for buyers and investors, according to Real Estate Institute of Western Australia (REIWA).
Perth's median house price over the September quarter was 1.5% lower than the preceding quarter at $480,000. On an annual basis, this median house value is down by 4%.
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The unit market has shown a similar story with the median expected to settle at $379,000, which is 1.6% lower than the June quarter and 6.4% lower than a year ago.
These figures indicate that Perth's current property market provides an excellent opportunity for buyers and investors to secure their next home or investment property, said REIWA president Damian Collins.
"While the worst of the market downturn appears to be behind us, the results of the September 2019 quarter reveal conditions are favourable for buyers and investors," he said.
Listings, sales down
Perth also recorded a decline in listings for sale for the second consecutive quarter. There were only 13,402 properties for sale by the end of the September quarter.
This listings decline coincided with the total sales of 7,050 during the quarter, which was 4% down on a quarterly basis and 16% lower on an annual basis.
Collins said it is not surprising to witness a decline during the September quarter due to the seasonal impacts in Western Australia.
"We tend to see activity slow during the winter months before increasing again as the weather warms up," he said. "Although there were fewer sales this quarter, it's pleasing that listing stock continues to be absorbed, and this should lead to increases in selling prices in the medium term."
Also read: Perth Median House And Unit Prices Stable
While the overall market experienced a decline in median sale price during the quarter, 91 suburbs bucked this trend.
The top-performing suburbs for median house price growth were Mindarie, Karrinyup, Huntingdale, Waikiki, and Floreat.
Suburbs recording the most significant improvement in house-sales activity included Floreat, Wellard, Success, Atwell, and Craigie.
The top-selling suburbs, however, remained the same as the June quarter with Baldivis, Canning Vale, Morley, Dianella, and Gosnells leading the list.