MAR­KET ENDS ON POS­I­TIVE NOTE

Hills Gazette (Kalamunda) - - RESIDENTIAL -

THE Perth prop­erty mar­ket ended the year on a pos­i­tive note with the me­dian house price hold­ing steady at $525,000 in the three months to De­cem­ber, ac­cord­ing to reiwa.com data.

REIWA pres­i­dent Hay­den Groves said Perth’s De­cem­ber me­dian was sta­ble com­pared to Novem­ber 2017 and had in­creased by 1.9 per cent when com­pared to Septem­ber 2017.

“Over the past six months we have con­sis­tently ob­served steady house prices in Perth, which is an en­cour­ag­ing in­di­ca­tor the bot­tom of the mar­ket has oc­curred,” he said.

The me­dian house price im­proved or sta­bilised in De­cem­ber in three of Perth’s five sub­re­gions, with the cen­tral sub-re­gion be­ing the stand-out.

“The me­dian house price in the Cen­tral sub-re­gion in­creased 2.1 per cent to $735,000 in De­cem­ber and was up sig­nif­i­cantly by 8.1 per cent when com­pared to Septem­ber 2017,” Mr Groves said.

Reiwa.com data showed Perth city recorded the big­gest im­prove­ment in me­dian house price for the pe­riod (up 8.4 per cent to $905,000), fol­lowed by South Perth/Vic­to­ria Park (up 5.1 per cent to $788,000).

Other strong per­form­ers were Stir­ling East, Joon­dalup North and Ser­pen­tine-Jar­rah­dale.

Mr Groves said it was pleas­ing the Perth mar­ket ap­peared to have fi­nally turned a cor­ner.

“We ex­pect mar­ket con­di­tions to mod­er­ately and steadily im­prove through­out 2018, al­though REIWA cau­tions against ex­pec­ta­tions of rapid growth this year,” he said.

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