THE Perth property market remains stable, with the median house price and median rent holding steady for the third and fifth consecutive month respectively.
In reiwa.com data for the three months to September, the median house price decreased marginally by 1 per cent to $510,000.
The median rent price was unchanged at $350 per week.
Stock levels in both sectors decreased, with Perth properties for sale down 1 per cent in September and 8 per cent lower compared to last September.
Despite mostly stable conditions, activity levels in the sales and rental markets reduced over the month, with 1481 preliminary sales recorded and 4266 properties leased.
REIWA president Hayden Groves said historically sales activity slowed at the start of spring due to school holidays, public holidays and the AFL footy finals, increasing in October with the peak traditionally occurring in November.
Despite the general decline, a number of sub-markets recorded improvements in sales volumes.
“Joondalup South was the top performing sub-market in September for sales activity, recording a 24 per cent lift over the month, followed closely by Kwinana with a 21 per cent increase in transactions,” Mr Groves said.
“The Belmont and the Western Suburbs sub-markets also posted strong results, both experiencing an 8 per cent lift in sales.”
In the rental market, Kalamunda was the top performing sub-market for leasing activity, recording a 7.9 per cent increase.