STEADY RISE IN PROP­ERTY MAR­KET

Hills Gazette (Kalamunda) - - RESIDENTIAL -

PERTH prop­erty prices re­mained sta­ble in May, ac­cord­ing to the lat­est data from REIWA.

The me­dian house price was $520,500 for the month, 0.3 per cent lower than the $522,000 recorded in April.

REIWA president Hayden Groves said the ad­just­ment in price was neg­li­gi­ble and in­di­cated house prices were over­all very sta­ble.

“Im­por­tantly, when we com­pare house prices to three months ago (Fe­bru­ary), Perth’s me­dian price is ac­tu­ally up 1.1 per cent,” he said.

The lat­est reiwa.com fig­ures are com­pa­ra­ble to CoreLogic data, which showed Perth house val­ues in­creased 0.1 per cent in May and were up 0.5 per cent com­pared to Fe­bru­ary.

“What we’re see­ing in the Perth mar­ket is a slow and steady im­prove­ment, which is what REIWA fore­cast back in De­cem­ber,” Mr Groves said.

“While we don’t ex­pect rapid house price growth this year, we also don’t ex­pect there will be sub­stan­tial de­clines ei­ther.”

Prices in Perth’s unit mar­ket also held up well, with the me­dian unit price in­creas­ing 0.8 per cent to $419,000 dur­ing May.

“Sim­i­lar to the me­dian house price, when we com­pare Perth’s lat­est me­dian unit price to three months ago, prices have in­creased more sig­nif­i­cantly by 2.9 per cent, which is very en­cour­ag­ing,” Mr Groves said.

“We are see­ing sim­i­lar trends in the house and unit me­di­ans, which is good news as it sug­gests one sec­tor of the mar­ket is not re­cov­er­ing at the ex­pense of the other.”

Hayden Groves

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