CON­FI­DENCE COM­ING BACK

Ellenbrook Advocate - - RESIDENTIAL -

CON­SUMER con­fi­dence is in­creas­ing as Perth's prop­erty mar­ket sta­bil­ity con­tin­ues, ac­cord­ing to REIWA.

Reiwa.com data showed prices held steady in March, the me­dian house price in­creased 0.5 per cent to $517,650 and the me­dian unit price re­mained un­changed at $407,000.

“It's pleas­ing that both house and unit prices are strength­en­ing at the same time be­cause it sug­gests one sec­tor of the mar­ket hasn't started to re­cover at the ex­pense of the other,” REIWA pres­i­dent Hay­den Groves said.

“Unit prices in Perth are fol­low­ing the same trends we have ob­served in house prices, with March be­ing the third month in a row the unit me­dian has re­mained sta­ble.”

The top-per­form­ing sub-mar­kets for me­dian house price growth in March were South Perth/Vic­to­ria Park, Fre­man­tle, Bel­mont, Vin­cent/Stir­ling SE and the west­ern sub­urbs, while in the unit mar­ket Joon­dalup South, Cock­burn, Stir­ling West, Bassendean/Bayswa­ter and Stir­ling East were the stand-outs.

Mr Groves said con­sumer sen­ti­ment in WA was the high­est it had been since the height of the re­sources boom in mid-2013.

“Buyer con­fi­dence in Perth is in­creas­ing and based on where we are see­ing the big­gest im­prove­ments in price growth, so is de­mand for multi-res­i­den­tial dwellings in medium to high-den­sity ar­eas,” he said.

“Ad­di­tion­ally, op­ti­mism among sell­ers ap­pears to be re­turn­ing, with reiwa.com data for March show­ing list­ings for sale in­creased 3 per cent over the month.

“Sell­ers are feel­ing more con­fi­dent.”

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