Con­di­tions pos­i­tive, says Groves

Western Suburbs Weekly - - News -

HOUS­ING af­ford­abil­ity re­mains an east coast is­sue, ac­cord­ing to REIWA pres­i­dent Hay­den Groves.

“While the dream of home own­er­ship is be­com­ing in­creas­ingly dif­fi­cult in some parts of Aus­tralia, par­tic­u­larly in Syd­ney and Mel­bourne, this isn’t the case in Perth,” he said.

“First-home buy­ers re­main ac­tive and con­tinue to take ad­van­tage of im­proved af­ford­abil­ity and choice in the mar­ket to se­cure a prop­erty that meets their needs.

“These fac­tors, com­bined with record low in­ter­est rates, make for pos­i­tive buy­ing con­di­tions for those look­ing for a first home.”

REIWA’S pre­lim­i­nary data for the March quar­ter showed the bulk of sales oc­curred within the $400,000 to $450,000 price range. More sales in the lower price brack­ets and fewer sales in the $700,000 to $1.5 mil­lion saw the pre­lim­i­nary Perth me­dian house price fall to $505,000.

How­ever, once all transactions for the quar­ter were ac­counted for, the me­dian was ex­pected to rise to around $517,000, just be­low De­cem­ber’s quar­terly me­dian.

The pre­lim­i­nary me­dian unit price was $411,750.

“Al­though there were more transactions oc­cur­ring in the $350,000 to $450,000 price range, early in­di­ca­tions sug­gest there was also a boost in vol­umes be­tween $600,000 and $1 mil­lion, which has kept the unit me­dian strong over the quar­ter,” Mr Groves said.

The pre­lim­i­nary to­tal dwelling sales fig­ure for WA was 6496 for the three months to March 2017, be­low the re­vised De­cem­ber quar­ter 2016 sales fig­ure. “Once all transactions for the March quar­ter have been recorded, we ex­pect this fig­ure to lift to ap­prox­i­mately 8500, putting this quar­ter’s ac­tiv­ity lev­els on par with the De­cem­ber 2016 quar­terly fig­ures,” Mr Groves said.

Af­ter a sea­sonal drop over the fes­tive sea­son, list­ings for sale in­creased over the quar­ter to 14,845.

Mr Groves said the level of stock was well con­trolled; the March quar­ter fig­ure was sim­i­lar to the lev­els ex­pe­ri­enced in the lat­ter half of last year and 2.7 per cent lower than the 2016 March quar­ter re­sult.

On av­er­age, it took ven­dors 70 days to sell their prop­erty in the three months to March.

The pro­por­tion of ven­dors need­ing to dis­count their ask­ing price held steady at 55 per cent, how­ever the av­er­age dis­count fell from 7 per cent in the De­cem­ber quar­ter to 6.4 per cent.

Hay­den Groves

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.