Perth’s market is looking rosy as the city’s median house price rose for the second month in a row, according to the Real Estate Institute of Western Australia (REIWA).
The median house price rose 1.6 % to $518,000 during November. “Perth’s median house price has been fairly flat throughout 2018, so it’s pleasing to see two consecutive months of median price growth as we head into the New Year,” REIWA President Damian Collins said.
Delving into the data, it was found that there were a greater proportion of transactions above $1 million than there were in October. This played a part in the improvement of Perth’s median house price over the period.
Willetton, Baldivis, Canning Vale, Duncraig and Ellenbrook were the top-selling suburbs, while Quinns Rock, Willetton, Doubleview, Leeming and Wellard saw the biggest improvement in sales volumes, percentage-wise.
In terms of the number of properties bought, the Perth Metro region still registered subdued overall sales activity. However, there are also numerous suburbs that recorded notable improvements in sales.
Listings for sale were 5% higher at the end of November than they were at the end of October.
Perth’s rental market likewise showed encouraging results, with the city’s overall median rent price remaining steady at $350 per week in November.
The median unit rent price rose by $5 to $330 per week during the last month. The November data showed that the unit rent has increased by $10 per week over the median rent in August.
The overall median and median house rent, on the other hand, were stable at $360 per week.
Percentage-wise, the suburbs of Kardinya, Coolbellup, Bedford, Kelmscott and Harrisdale posted the biggest increase in leasing activity. Perth, East Perth, Scarborough, South Perth and Baldivis, meanwhile, had the largest number of leased properties.
Further, the report showed that listings for rent were stable in November, remaining below 7,000. This marked a significant 25% decrease compared to the same time in 2017.
“The rapid decline in listings we’ve observed this year is a key driver behind the rental market’s recovery. It has also had a significant impact on the vacancy rate, which continues to decline and now sits at 3.3%,” Collins said.
