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Perth property market remained challenging for sellers as Sales activity was subdued however, there had been no further declines to median house and unit prices during the March quarter.
“The March quarter results suggest median property prices in Perth are at or nearing the bottom of the market. On the ground information from our members suggests that the middle and higher end of the market is tracking reasonably well, signalling some suburbs in this part of the market may be in the early stages of recovery. While many suburbs in the lower end still appear to be struggling, there are excellent opportunities available to secure your dream home or investment property at a competitive price,” Mr Collins said.
Median house and unit price
The median house price actually increased by 0.6 per cent to $500,000 in the March quarter, Unit prices across Perth remain stable at $380,000.
“On an annual basis, median house prices in Perth are stable, with no change recorded between the March 2018 and 2019 quarters, which is positive,” Mr Collins said.
While overall housing market conditions in WA are subdued, reiwa.com analysis shows 37 per cent of suburbs in Perth experienced stable or median house price growth during the quarter.
“The Perth suburbs to record the most notable increase in median house price this quarter were Falcon, Karrinyup, Mullaloo, Roleystone and Heathridge, while the top suburbs for median unit price growth were Rockingham, Scarborough, South Perth and Como,” Mr Collins said.
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Sales activity
Data from REIWA records there were 6,636 properties sold during the March quarter.
Sales volumes this quarter, compared to annual statistics, remain down which isn’t surprising considering the upcoming federal election. All housing plans for sellers can be up in the air when an election is looming, to read more about this; head to our blog “Govt. Plans on blanket change to National Property Tax Policies”
“The changing housing market conditions on the east coast have also likely impacted buyer activity in Perth. There has been a lot of focus on Sydney and Melbourne’s declining housing markets, which would be affecting buyer sentiment in WA.”
Although overall sales are down in Perth, reiwa.com data shows 10 per cent of suburbs experienced stable or increased volumes.
Of all houses sold in Perth during the March quarter, 70 per cent of those sold below $600,000.
“This is up from 64 per cent in the December 2018 quarter, which indicates affordability continues to improve in Perth, presenting excellent opportunities for first home buyers, trade-up buyers, downsizers and investors to secure a good deal,” Mr Collins said.
Listings, Rentals & Average Selling Days
Sales activity increased three per cent in Perth this week (ending 7th April 2019), with numbers showing 575 transactions being completed. For the March quarter, there were 16,957 properties listed for sale on reiwa.com.
This increase can be attributed to a 14 per cent increase in unit sales and a six per cent increase in vacant land sales. Mr Collins said the March quarter listings figure represented a six per cent increase on the December 2018 quarter figure.
On average it took vendors 78 days to sell their property, while 57 per cent of vendors needed to offer a discount on their original asking price to achieve a sale.
“It’s also worth noting that 43 per cent of Perth sellers are achieving sale prices at or above their original asking price, which suggests many vendors are heeding the advice of their real estate agent and pricing their properties in line with market expectations.” Says Mr Collins.
Scarborough was Perth’s top selling suburb this week, however, Willetton had a greater amount of properties listed For Sale. Other suburbs noted in the top selling were Mount Lawley, Rockingham and Thornlie.
There were a total amount (as reported by REIWA) of 17,022 properties listed for sale across Perth. Looking closer at the listing stock levels, shows house listings remained stable whereas listing for units and vacant land lots increased by 1%.
For the rental market, reiwa reported 6,815 properties for rent in Perth, which is 1% more than last week.
These figures are 3% high than levels reported 4 weeks ago and 25 % lower than over a year ago.
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