Recent Perth Market Update – Real Estate News

Perth Market Snapshot for the week ending 26 May & More Recent Updates

An informative article showing changes and how the Perth Real Estate market performed in the last week. Some suburbs have been defying all odds with prices soaring by 14% since prices shown in 2014.

Disclaimer: Information & data below have been sourced direct from REIWA. The article below has been altered*, information contained herein has also been sourced directly from Professionals Prowest Real Estate.

Sales activity increased 2 % in Perth this week, with REIWA members reporting 512 transactions.  The increase of Sales activity can be credited by a 5% increase in house sales. Although house sales increased, REIWA reports there was a 5% fall in Unit sales and a 7% decline in vacant Land Sales Over the last week.

 

Listings & Sales Updates

REIWA’s recorded data from March shows a Perth overall median price of $487,000 – this comes from just over 5,000 Sales reported. These figures are $12,000 less than sales reported in December 2018.

The amount of properties that were listed for sale in this last week is about the same as last week which sits at around 16,500+ properties.

All though this may seem like quite a lot, this amount is actually 1% lower than the amount recorded a year ago.

As mentioned above, some suburbs have been defying all odds with sales prices soaring to more than 14% of the value that they were achieving in September of 2014. REIWA analysis have recently revealed that there were 10 top suburbs across Perth that have successfully rebelled the downturn of median house prices.

REIWA President Damian Collins said while the overall Perth market has been fairly subdued over the past few years, a number of suburbs had challenged this trend to record significant median price growth.

“Mount Pleasant has experienced substantial growth since the downturn, with its median increasing 16.4 per cent from $1.08 million to $1.25 million between 2014 and 2019. It is also one of the few suburbs in Perth that has seen its median price increase to an all-time high.

“Ardross closely followed with its median lifting 15.3 per cent from $880,000 to $1.015 million…”

Majority of these suburbs reported a median house price of over $800,000 with some even over the $1.015 million.

While sales volumes in the lower-priced end of the Perth market remains soft (within the $400k’s), activity in the $800,000 plus price range has strengthened, which has created increased demand among buyers and contributed to the improvement in median house price that we’ve seen in suburbs like Mount Pleasant, Ardross and Shelley* Says Mr Damien Collins

Shelley’s suburb median house price rose by 7% going from $880,000 to a median price of $941,500, these prices are compared to those recorded in September 2014. This is an amazing upturn considering the overall Perth market had a downturn of 9.7% in the median house price which had decreased to around $492,000. Higher end suburbs such as Mount Pleasant increased its median price by a staggering 16.4% which is significant since the $1.075 million recorded in late 2014. Mount Pleasant’s median house price, as of March 2019, is now sitting around $1.25 million. Ardross wasn’t too far behind with a reported 15.3% climb in house price.

At Professionals Prowest Real Estate, some of our Selling Agents are achieving a successful offer on their properties in under 30 days. With 23% of Properties listed with our agency in the last financial year being sold under 60 days and 14% being sold under 30 days.

Perth rental market

The rental market across Perth this week had not a lot of Movement with REIWA reporting a similar number of properties listed to last week (7,343 this week)

The median rent price has held at $350.00 per week which should put all investor/landlords minds at ease with their properties going to market this week.

For days on market, our agency is still averaging around 37 days on market with a 25 day vacancy.

View REIWAs  Perth Market Snapshot graph for a detailed breakdown of  the numbers reported in the past week.