Comment News (Armadale) - - Residential -

THE Perth prop­erty mar­ket is show­ing signs of sta­bil­ity, with both the me­dian house price and over­all me­dian rent hold­ing steady in the three months to Au­gust.

Ac­cord­ing to data, the me­dian house price was $515,000, while the me­dian rent was $350 per week for the fourth month in a row.

Pres­i­dent Hay­den Groves said it was en­cour­ag­ing to see the me­dian price re­main firm across both sec­tors of the Perth prop­erty mar­ket.

“The sta­ble me­di­ans are good news and in­di­cate that sellers’ and land­lords’ ex­pec­ta­tions are match­ing those of buy­ers and ten­ants,” he said.

List­ings for sale have con­tin­ued to trend down­wards over the past month, de­creas­ing by 1 per cent and are 10 per cent lower than three months ago.

“The re­duc­tion of prop­er­ties for sale should cre­ate a bet­ter bal­ance be­tween the sup­ply and de­mand of Perth’s over­all hous­ing stock,” Mr Groves said.

“Tra­di­tion­ally in spring there tends to be a lift in sales ac­tiv­ity, which means there is po­ten­tial for the me­dian house price to in­crease in the com­ing months as we see more de­mand for hous­ing and in­creased com­pe­ti­tion from buy­ers.”

In the res­i­den­tial rental mar­ket, data showed stock re­duced by 6 per cent to 10,046 prop­er­ties for rent, with leas­ing ac­tiv­ity up by 8 per cent dur­ing Au­gust.

“The boost in leas­ing ac­tiv­ity is pleas­ing to see and has con­trib­uted to the de­clin­ing trend in list­ings lev­els as rental stock gets ab­sorbed due to the de­mand from ten­ants,” Mr Groves said.

“This im­proved ac­tiv­ity is also help­ing to keep the over­all me­dian rent in check at $350 per week, sta­ble for the fourth con­sec­u­tive month, which is wel­come news for land­lords and prop­erty man­agers alike.

“With the warmer weather ahead, we should typ­i­cally see both buyer and ten­ant ac­tiv­ity lev­els in­crease.

“To­gether with the sta­bil­is­ing trends in me­dian house and rent prices, the Perth prop­erty mar­ket is show­ing pos­i­tive signs.”

Reiwa pres­i­dent Hay­den Groves.

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