Property price drops ease off
PERTH’S April property market data is encouraging, according to Reiwa.
President Damian Collins said while prices remained soft, CoreLogic data showed the percentage at which dwelling values were dropping had slowed from -1.46 per cent in February 2019 to -0.4 per cent in March and April.
“March and April have recorded the lowest level of declines since June 2018, which is an encouraging sign in a challenging market,” he said. “While we don’t expect to see any notable price increases in the immediate future, price values look like they are starting to stabilise.”
Despite overall dwelling prices falling during the month, reiwa.com sales data showed 24 per cent of suburbs across the metropolitan area recorded an increase in median house sale price in April.
Gosnells was the top performing suburb, with its median sale price increasing 3.4 per cent.
Other suburbs to record an improvement were Dudley Park, Scarborough, Marangaroo and Canning Vale. Reiwa.com data showed the volume of properties for sale reduced 3 per cent in the month.
While the sales market remained subdued, more improvements were recorded in rentals. House and unit rent prices each increased $10 per week compared to April 2018.
“Perth’s median house and unit prices have strengthened in the last 12 months,” Mr Collins said.
“Reiwa.com data shows the median weekly house rent has increased from $350 to $360 over the last year, while unit rents have lifted from $320 to $330.”
Perth’s overall median rent price continued to hold at $350 per week, but the data showed 24 per cent of suburbs recorded a price increase.
“The suburbs to record the most notable growth in median rent price in April were Stirling, Mindarie, Rivervale, Hamilton Hill and Quinns Rock,” Mr Collins said.