Perth house prices steady and sales activity up!
Perth’s median house price remained stable in March while reported sales activity in the metropolitan region increased 15 per cent over the quarter. REIWA President Hayden Groves said the latest reiwa.com data showed Perth’s median house price for the three months to March 2016 was $535,000 – the same figure recorded for the three months to February 2016.
“We did see the median house price ease back slightly from the three months to December 2015, but this isn’t unusual as there is typically some volatility during the festive season that can skew data.
“Pleasingly, since the Christmas and New Year period there has been more balance and stability in the market with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter,” Mr Groves said.
The lift in sales activity was felt across all sub-regions, with the North West and South West sub-region experiencing the biggest hike in activity – jumping 23 per cent over the quarter.
“At a sub-market level, Baldivis, Ellenbrook, Canning Vale and Morley were strong performers recording the highest volume of reported sales for the month of March,” Mr Groves said.
Listings for sale in Perth were reasonably stable in March, lifting moderately by two per cent on February and seven per cent when compared to three months ago.
Mr Groves said this subtle increase was likely due to the autumn selling season being in effect as it is typically the strongest sales period in Perth.
“While there is still plenty of choice available to buyers, listings have stabilised. We’re not experiencing a flooding of the market, we’re seeing a small lift consistent with trends usually observed this time of year,” Mr Groves said.
Rent prices in Perth were steady across March, with the median rent for houses and units remaining at $400 and $380 per week respectively for the three months to March 2016.
Listings for rental properties also held relatively firm, adjusting negligibly by four per cent over the month and five per cent over the quarter.
Mr Groves said an increase in overseas migration into Western Australia was a likely explanation for why the rental market was showing signs of stability, with the Australian Bureau of Statistics’ latest population data revealing net overseas migration had crept back up again in the September 2015 quarter.
“Perth’s vacancy rate has also improved, coming down to 5.9 per cent in the three months to March from six per cent in the three months to January,” Mr Groves said.