Sea­sonal change warms mar­ket in time for sum­mer

Guardian Express - - RESIDENTIAL -

PERTH’S me­dian house price recorded a 1 per cent in­crease to $510,000 in Oc­to­ber, ac­cord­ing to the lat­est data.

REIWA pres­i­dent Damian Collins said prices in Perth had started to strengthen af­ter soften­ing in win­ter.

“We’re well into spring now, which has trans­lated into re­newed en­thu­si­asm in the mar­ket with more sellers list­ing their prop­erty for sale and prices im­prov­ing,” he said.

Mr Collins said the top per­form­ing sub­urbs for me­dian house price growth dur­ing Oc­to­ber were Ro­ley­stone, South Perth, Como, Atwell and Dou­ble­view.

“Spear­wood, Gos­nells, Se­cret Har­bour, Kar­rinyup and For­rest­field also per­formed well,” he said. data showed Perth sellers re­turned to the mar­ket in Oc­to­ber, with 7.8 per cent more list­ings for sale than in Septem­ber.

“This is a sea­sonal trend we’ve ob­served for a num­ber of years now, even dur­ing the boom, with list­ings typ­i­cally in­creas­ing in Oc­to­ber and Novem­ber as ven­dors be­come more mo­ti­vated to sell in the lead up to Christ­mas,” Mr Collins said.

The 10 sub­urbs with the big­gest per­cent­age growth in list­ing stock were Kens­ing­ton, Cottes­loe, Glen For­rest, Green­wood, Shen­ton Park, Mt Hawthorn, East Fre­man­tle, Nedlands, Brent­wood and South Fre­man­tle.

“All but two of the sub­urbs on this list have me­dian house prices above the Perth metro me­dian, and seven of these sub­urbs have me­di­ans that sit above $800,000,” Mr Collins said.

“This year we’ve seen ac­tiv­ity in­crease in the lux­ury end of the Perth mar­ket, with home­own­ers in the area clearly recog­nis­ing there is good op­por­tu­nity to se­cure a quick sale at a com­pet­i­tive price in these higher-end sub­urbs where there is good buyer de­mand.”

The Perth rental mar­ket also saw im­prove­ment in Oc­to­ber, con­tin­u­ing the strong form dis­played in THIS new apart­ment is in a very con­ve­nient lo­ca­tion, close to the Glen­dalough train sta­tion and free­way ac­cess and a five-minute drive from beau­ti­ful Lake Mon­ger.

The light-filled mod­ern home is on the first floor of the com­plex and in­cludes an open-plan liv­ing/din­ing area and kitchen with stain­less-steel ap­pli­ances the Septem­ber quar­ter. data showed leas­ing ac­tiv­ity in­creased 10 per cent over the month.

The 10 sub­urbs to ex­pe­ri­ence the big­gest per­cent­age im­prove­ment in leas­ing ac­tiv­ity were West Leed­erville, Can­ning­ton, South­ern River, Ber­tram, Nedlands, Palmyra, Craigie, Made­ley, Se­cret Har­bour and Morley.

Mr Collins said Perth’s me­dian rent price re­mained at $350 per week, while list­ings for rent de­clined 5 per cent to sit be­low 7000 for the first time since March 2015.

“Prices have sta­bilised (in the rental mar­ket) and are no longer de­clin­ing, which is good news for land­lords,” he said.

“Now would be a good time for ten­ants to think about se­cur­ing a longert­erm lease be­fore rents in­evitably rise again.”

Mr Collins said the in­creas­ing mo­men­tum in the rental mar­ket boded well for the over­all mar­ket.

“His­tor­i­cally the sales mar­ket fol­lows be­hind the rental mar­ket dur­ing a re­cov­ery,” he said.

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