STEADY AS SHE GOES
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.”
Reiwa.com data showed there were a number of sub-markets across the metropolitan area that recorded improvements in sales volumes in September.
“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 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 Bassendean/Bayswater, Canning, Stirling West and Vincent/Stirling SE. BUYERS have a new opportunity for a relaxed rural lifestyle at a well-connected Forrestfield estate near renowned schools, shops and the airport.
Fifteen stage 2A residential lots from 282sq m to 480sq m and starting at $230,000 were released at The Hales last weekend.
There are 418 home sites planned at the 28ha Satterley master-planned community, which retains natural features including marri and jarrah trees and Crumpet Creek.
There will be 10 landscaped parks and two playgrounds, with all homes centred around parkland.
The Hales is near Hillside Christian College, Darling Range Sports College and Heritage College, public transport and the Forrestfield Airport Link.
Hartfield Park Recreation Centre, Hartfield golf course and Dawson Park playing fields are also close by.
Construction will soon commence on part of a new million-dollar park and playground.
The Hales is expected to be home to more than 1100 residents.
More information: Ken Lim on 0428 496 497 or kenlim@satterley. com.au