Prop­erty price drops ease off

Cockburn Gazette - - RESIDENTIA­L -

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.

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