prowest Disclaimer: Information contained herein have been sourced directly from reiwa.com.au The article/s below have been slightly altered.
Half of all sales in Perth occur below $500,000 in February
Forty-nine per cent of sales occurred below $500,000 in February, according to the latest reiwa.com data. 
REIWA President Damian Collins said while CoreLogic’s Home Value Index showed prices in Perth had declined 1.5 % to $438,952 in February, reiwa.com data shows the composition of sales during the month favoured the lower end of the market.
“Almost half of all transactions occurred below $500,000 in February, which is a trend we’ve observed for the last three months. When we take a closer look, 32 per cent of sales last month were between $350,000 and $500,000, while 17 per cent were below $349,000.
“Traditionally, when there is a greater proportion of activity occurring below $500,000, this indicates first home buyers are on the move,” Mr Collins said.
Perth’s top selling suburbs in February were Baldivis, Morley, Willetton, Canning Vale and Dianella.
reiwa.com data reported there were up to 13 suburbs that saw sales activity increase in February, some of these suburbs included; Hamilton Hill, Waikiki, Morley, Rockingham and Greenfields.
“Of these 13 suburbs, eight had median house prices below the Perth median, with Karrinyup, Bayswater, Sorrento, Ocean Reef and Mullaloo the only exceptions,” Mr Collins said.
While the majority of sales in February occurred within the first home buyer price range, reiwa.com data shows the fastest selling suburbs were all from the higher end of the market.
Our very own Willetton was listed in the 10 fastest selling suburbs in February, this also included suburbs such as Palmyra, North Perth and Woodvale, all of which recording average selling times significantly below the Perth average of 76 days. Our agent Don Asplin (RateMyAgent of the Year -Willetton for the last 5 years) averages around 21 selling days for Willetton, which is well below the Perth average.
“Seven of these fastest selling suburbs have median house prices above $600,000, which indicates buyers are needing to act quickly in Perth’s trade-up and luxury markets to ensure they secure the property,” Mr Collins said.
Perth rental market
There were 37 suburbs across Perth that saw their median rent price increase during the month!
The five suburbs to record the biggest increase in median rent (percentage wise) were Cottesloe, Shenton Park, Kingsley, East Fremantle and Redcliffe.
Mr Collins (reiwa) said while Perth’s overall median rent price continued to hold at $350 per week, it was encouraging to see a substantial portion of suburbs start to see positive price movement.
The median price for rentals in our suburb of Willetton is around the $400.00 per week for a 4×2 / 3×2 house as reported by realestate.com.au. 2 Bedroom houses are averaging under $300.00 per week. Riverton 4+ Bedrooms are set around the $350+ price range, houses with 3 Bedrooms median price is around $350 (below) and 2 bedroom homes are going for as low as $280 per week.
“Perth’s overall median rent has been stable for an unprecedented amount of time. With an increasing number of suburbs starting to see rents increase, it’s only a matter of time before the Perth median rent follows suit, which will be a welcome development for landlords,” Mr Collins said.
reiwa.com data shows 75 suburbs recorded an increase in leasing activity, with areas such as being Bull Creek, Parkwood, Wilson and Willetton being the top performers in February.
February Snap Shot for the week ending 24th February 2019
