Perth’s property market showed signs it had stabilised in the June quarter, according to the Real Estate Institute of Western Australia (REIWA). The latest preliminary data revealed there had been little change recorded to key market indicators over the three month period.
While conditions remained softer, there were some indications the market had finally begun to settle, a welcome relief according to REIWA president Hayden Groves.
“We’re certainly not experiencing the steep declines across the board we once were. Although no one can accurately ascertain the future of the property market, the signs are there that we have finally found, or be very close to finding, the ‘floor’ of the market,” he said.
Preliminary figures for Perth’s median house price came in at $500,000 for the three months to June 2017.
“As with most quarters, this preliminary figure sits noticeably below the revised March quarter median of $515,000, but when we compare like for like, the June and March quarter preliminary medians are very comparable and show there has been little movement in median house price in the first six months of this year,” Groves said.
“Once all transactions have settled, we expect the revised June quarter median to increase to a level commensurate with the revised March quarter median.”
Perth’s median unit price also fared relatively well in the June quarter, coming in at $412,000. “Pleasingly, this is only down a marginal 1.8 per cent on the revised March quarter unit median, which suggests that once all sales have settled, this quarter’s median unit price should come in higher than last quarter,” Groves said.