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The December 2019 data, collected from REIWA, has revealed that Perth properties are selling 16 days quicker
than they were back in the September quarter, taking roughly 67 days to sell, making it the fastest time on market to sell since December 2017!
This week in the Perth market REIWA members reported 638 transactions which is an increase of
9% in house sales and 15% in unit sales whilst vacant land sales also so a 5% rise.
REIWA President Damien Collins said while the market conditions were challenging in 2019,
the improvements in Perth for the quarter were a good sign entering into 2020.
“Not only did it take only 67 days on average to sell in the December quarter, but the discount sellers
are accepting from the original sale price has reduced to 6.8% form 7.5% in the September quarter.
If this trend continues in 2020, we can expect median prices will begin to increase.” Mr Collins said
Median House and Unit Prices for Perth
For the December 2019 Quarter reiwa.com data showed that the median house price slightly
decreased by 1.4% which places the median house price at $478,000.
With the House median decreasing slightly, so did the median unit price. The median
unit price now sits at around $378,000.
There was, however, a slight increase in the vacant land price median which rose about 2.1%
to $245,000 since December 2018.
Regardless of the reduction, reiwa’s analysis reported around 113 of Perth’s suburbs experienced
a stable or even an increased median price across all residential sectors for December 2019.
REIWA President Damien Collins says,
“The suburb to record the biggest improvement in median house price was Stirling with a 7% increase.
This was closely followed by Safety Bay, Spearwood, Floreat and Scarborough”.
Sales Activity
For the December quarter in Perth, there were roughly 7,418 properties reported
as sold, by reiwa, which is around 8% lower than those recorded in 2018.
Listing stock levels for the last week of January 2020 remained stable as did for the
whole month of January.
The sales recorded across all ranges of house prices are consistent to previous years around
the December quarter period. Whilst some suburbs slowed during Christmas, others showed
a slight increase in market activity, areas such as Maylands, Belmont and Wembley showed improvement.
REIWA Data reporting from improved properties and average selling days are showing that
properties that are good quality stock are being snapped up fairly quicker.
“While we don’t expect to see rapid growth in the Perth property market in 2020, REIWA’s outlook
suggests sales volumes could start to increase this year. With house prices in Perth remaining
relatively affordable and consumer confidence levels on the incline, this could translate into
increased activity throughout the year.”
Rental Activity
REIWA members reported roughly 5,905 properties were listed for rent in Perth for the last
week of January 2020, which is four per cent less than the earlier week recounted.
These rental listings figure is 6% higher than levels seen around four weeks ago in December,
but are 14% lower than levels seen a year ago.
Leasing activity increased 4% in Perth with REIWA members reporting 1,345 properties
were marked as leased.
View REIWA’s Perth Market Snapshot graph for a detailed breakdown.
