Real Estate Institute of Western Australia’s (REIWA) latest report suggested a return of buyer confidence in Perth’s market as home prices improved.
The real estate firm’s June 2018 quarter data saw median dwelling price increase in the city, with the median house price settling at around $520,000, up 1% and 2% compared to the March 2018 and June 2017 quarter, respectively.
Perth’s median unit price was also expected to rise by 4.9 % to $419,500, 2.3% higher than the figures during the same time in 2017.
“After declining during the March quarter, it’s pleasing to see prices rebound strongly this quarter. With the worst of the market downturn appearing over, the improvement in house and unit prices this quarter suggests buyer confidence is returning which should bode well for sellers as we move into spring,” REIWA President Hayden Groves said.
In terms of sales activity, the capital of Western Australia saw a total of 6,900 sales.
While overall sales volumes dropped, sales in numerous suburbs increased this quarter. Leading the highest charge were North Perth, Queens Park, Singleton, Camillo and Beldon. As for unit sales, West Perth, Balcatta, Rockingham, Claremont, and Mount Lawley saw the biggest improvement.
Groves highlighted that a slowdown in sales activity during the winter, and that sales would normally rebound towards spring.
Additionally, more house sales were recorded in the $800,000 and above price range than the last quarter.
“As the WA economy begins to regain strength and owner-occupier loans remain the most affordable they have been in decades, buyers are recognising there is good opportunity to secure a family home in areas that might previously have been considered out of reach,” Groves said.
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