Perth’s median house price showed great stability in December, remaining unchanged at $525,000, according to the latest data from the Real Estate Institute of Western Australia (REIWA).
Hayden Groves, president of REIWA, said the city’s December median was stable compared to November, and had increased by 1.9% compared to September.
“Over the past six months we have consistently observed steady house prices in Perth, which is an encouraging indicator the bottom of the market has occurred,” Groves said.
Infrastructure development and a recovering Western Australian economy have combined to lift Perth’s property market out of the doldrums. This, in turn, has created new opportunities for savvy investors.
Three of Perth’s five sub-regions saw their median house prices improve or stabilise in December, with the Central sub-region being the stand-out.
“The median house price in the Central sub-region increased 2.1 per cent to $735,000 in December and was up significantly by 8.1 per cent when compared to September 2017,” Groves said.
Perth City showed the biggest improvement in median house price in December (up 8.4% to $905,000), followed by South Perth and Victoria Park (up 5.1% to $788,000).
Included among the strong performers were Stirling East, Joondalup North, and Serpentine-Jarrahdale.
The McGowan government’s investment in notable projects—including Metronet and Optus Stadium—are forecast to begin paying off, while upgrades to an array of shopping centres is projected to boost the appeal of surrounding suburbs.
“It’s pleasing the Perth market appears to have finally turned a corner,” Groves said. “We expect market conditions to moderately and steadily improve throughout 2018, although REIWA cautions against expectations of rapid growth this year.”
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