prowest Perth’s sales and rental markets are starting to improve, with new reiwa.com data showing stable median house and rent prices in November 2017.
REIWA President Hayden Groves said Perth’s median house price increased one percent to $525,000 during the three months to November, while the overall median rent price remained at $350 per week.
Median price
“Perth’s median house price has shown resilience over the last few months. We’ve seen the median increase in the three months to November, up a healthy 1.9 percent when compared to three months ago.
“Similarly, Perth’s median rent has not changed since April, which is the longest streak of stable prices we’ve seen since 2013. After a prolonged period of declining rental prices, these steady results are a welcome change for property investors,” Mr Groves said.
Sub-market activity
At a sub-market level, reiwa.com data shows Perth City in the Central sub-region had the biggest increase to its median house price, up 6.8 percent during the three months to November.
“Other stand-out sub-markets were Stirling East (up 4.3 percent), South Perth/Victoria Park (up 3.7 percent) and Melville (up 3.4 percent),” Mr Groves said.
In the rental market, the Mundaring sub-market in the North East sub-region was the top performer, with its median rent price increasing $30 to $430 per week during the three months to November.
“It’s encouraging that prices in both the sales and rental markets are steady or improving. While we don’t expect there to be significant price growth in 2018, the stability we’ve observed in the Perth market over the last half of 2017 points to the start of the recovery,” Mr Groves said.
07 December 2017
Source: Real Estate Institute of Western Australia (REIWA)
