Perth’s median house price rose slightly in December

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According to a new report from the Real Estate Institute of Western Australia (REIWA), Perth’s median house price rose by nearly 2% in the three months to December 2016.

Data from REIWA showed that the city’s median house price had risen 1.9% to $535,000 over the three-month period.

“This is the second month in a row that we’ve seen an increase in the median house price, which is a welcome trend and suggests that the trade-up sector of the market is recovering,” said REIWA’s president, Hayden Groves. “Since the second half of 2016, we’ve seen prices across the metro area start to lift on a monthly basis. If you’re a buyer waiting for the ‘bottom of the market,’ you would be wise to make a buying decision soon should this trend continue. 

“The benefit of buying now is that there is currently less competition from other buyers, so you’re more likely to find a home or investment property that genuinely meets your needs.”

In contrast, listings for sale in Perth experienced an 11% decline in December 2016, with only 13,883 listings recorded in the metropolitan area.

According to Groves, it’s not unusual for listing volumes to decline in December because of the holiday season. However, listings in December 2016 were 3% lower than in December 2015, which is a clear indication that supplies have peaked.

Similarly, leasing activity in Perth’s rental market moderated slightly in December, dropping back 2% over the month. However, when compared to December 2015, activity has increased by 27%.

“We expect to see a slowdown in leasing activity across the month as people prepare for the holidays, so a two per cent drop isn’t a concern,” he said. “The hike in the number of properties leased on an annual basis however is very pleasing and there’s been a significant increase compared to the same time in December 2015. 

“Despite listings for rent remaining above the long term average, tenants are still very active in the market and recognise they have good choice to secure a home at a competitive price,” Groves said. 

Related Stories:
Leasing Activity Continues To Increase Across The Perth Metro Area
WA Excerpt From The 2016 December Market Report

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