Property market steadying
PERTH’S property market is showing signs of stabilising, according to latest data from REIWA.com.
The figures show the median house price increased to $540,000 for the three months to December 21, up nearly one per cent on the month prior.
REIWA president Hayden Groves said an increase in the median price and a fall in the number of properties for sale were characteristic of a market that was steadying.
“The total number of listings at December 31 was 14,539 – an adjustment from the November figure of 16,475, which is mostly attributed to the effect the holiday season has on seller behaviour,” he said.
“Our latest preliminary data for the three months to December 2015 showed sales volumes sitting at 1318, down from 1700 in November.
“While it is not uncommon for sellers to withdraw properties from sale during the festive season, we’re also seeing the impact the removal of the First Home Owner Grant is having on sales volumes. The test will be how many properties come to market by the end of January.”
Mr Groves said analysis showed a higher demand in the trade-up sector of the market, with four-bedroom properties priced between $500,000 and $600,000 taking 47 days to sell – significantly less than the market average of 60 days.
Numbers also showed the Perth rental market had stabilised with the overall median rent increasing by $5 to $400 in December.
The median house rent is now $410 – an increase of 2.5 per cent or $10 – while the median weekly unit rent has increased 1.3 per cent to $380.