Seasonal change warms market in time for summer
PERTH’S median house price recorded a 1 per cent increase to $510,000 in October, according to the latest reiwa.com 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.
Reiwa.com 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.
Reiwa.com 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.