Perth housing market shows signs of life

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Perth saw increased median home prices and shorter average selling times in the December quarter, according to new data.

Perth’s median house price rose 5.2% to $510,000 over the quarter, according to Real Estate Institute of Western Australia (REIWA).

“While we don’t expect to see rapid growth in the Perth property market in 2019, REIWA’s outlook

suggests sales volumes could start to increase this year. With house prices in Perth remaining relatively affordable and consumer confidence levels on the incline, this could translate into increased activity in 2019,” REIWA President Damian Collins said.

The median house price declined below $500,000 for the first time in six years during the September 2018 quarter, likely because of a shift in the composition of sales that quarter. In the last quarter, the median house price bounced back to $510,000, which is consistent with the more stable prices recorded over the last 18 months. The price even matched the median level for the December 2017 quarter.

Sixty-nine suburbs in Perth experienced an increase in median price over the period, according to reiwa.com’s analysis. This was led by Cannington, Coodanup, Karrinyup, Beaconsfield and Hillarys, which posted the biggest improvement in median house price across the city.

While Perth’s median unit price fell by 1.3% to $385,000 in the December quarter, Collins emphasised that prices held up fairly well during the quarter in general.

“While buyers continue to benefit from improved affordability in the Perth market, sellers should take comfort in the fact that prices have remained relatively stable over the last 12 months,” he said.

Mount Lawley, Yokine, West Leederville, Victoria Park and Mandurah recorded the biggest increase in median unit price during the quarter.

REIWA’s report also found that properties sold in an average of 68 days in the December quarter, seven days faster than in the September quarter.

“While market conditions remain challenging, sellers were seeing quicker results during the December quarter than they did in the September quarter,” Collins said.

In terms of listings, 16,059 properties for sale were logged in Perth at the end of December.

A total of 6,417 properties, meanwhile, were sold over the period, down from the September quarter sales figure.  This was not surprising given that activity tends to slow in the lead up to Christmas, REIWA said.

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