MARKET STILL STABLE

Joondalup Weekender - - Residential -

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 prop­er­ties for sale in Perth down 1 per cent in Septem­ber and 8 per cent lower com­pared to last Septem­ber.

List­ing lev­els in the rental market de­clined 3 per cent over the month, fall­ing 9 per cent over the year.

“It’s very en­cour­ag­ing to see stock lev­els across the market con­tinue to re­duce, es­pe­cially when we com­pare lev­els for both sec­tors on an an­nual ba­sis,” REIWA pres­i­dent Hay­den Groves said.

“If this trend con­tin­ues, we should see a bet­ter bal­ance be­tween sup­ply and de­mand of stock start to emerge.”

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.

“His­tor­i­cally, sales trans­ac­tions tend to slow at the start of spring due to a mix­ture of school hol­i­days, pub­lic hol­i­days and the AFL footy fi­nals,” Mr Groves said.

Ac­tiv­ity gen­er­ally starts to ramp up as the warmer weather hits in Oc­to­ber, with the peak tra­di­tion­ally oc­cur­ring in Novem­ber.

“Based on this, we are ex­pect­ing to see trans­ac­tional ac­tiv­ity in­crease in the com­ing weeks,” Mr Groves said.

“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.

“The Bel­mont and west­ern sub­urbs sub­mar­kets also posted strong re­sults, both ex­pe­ri­enc­ing an 8 per cent lift in sales.”

In Perth’s rental market, Kala­munda was the top per­form­ing sub-market in Septem­ber for leas­ing ac­tiv­ity, record­ing a 7.9 per cent in­crease.

Other top per­form­ers were Can­ning, Stir­ling West and Vin­cent/Stir­ling.

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