Perth’s housing market was stable in March

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Perth’s median house and unit prices were stable in March, indicating that both sectors of the housing market were holding up well, according to the latest data from the Real Estate Institute of Western Australia (REIWA).

Hayden Groves, president of REIWA, said Perth’s median house price had increased by 0.5% to $517,650 last month, while the median unit price remained unchanged at $407,000.

“It’s pleasing that both house and unit prices are strengthening at the same time because it suggests one sector of the market hasn’t started to recover at the expense of the other,” he said. “Unit prices in Perth are following the same trends we have observed in house prices, with March being the third month in a row the unit median has remained stable.”

The top performing sub-markets for median house price growth last month were South Perth/Victoria Park, Fremantle, Belmont, Vincent/Stirling SE, and the Western Suburbs. In the unit market, Joondalup South, Cockburn, Stirling West, Bassendean/Bayswater, and Stirling East were the stand-outs.

“Buyer confidence in Perth is increasing and based on where we are seeing the biggest improvements in price growth, so is demand for multi-residential dwellings in medium to high density areas,” Groves said. “Additionally, optimism among sellers appears to be returning with data for March showing listings for sale increased three per cent over the month.

“Consumer sentiment in WA is currently the highest it’s been since mid-2013 when we were at the height of the resources boom. Sellers are feeling more confident as market conditions have picked up, and subsequently, more motivated to list their property for sale.”

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