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Perth Steady with 6% Growth Over Financial Year, REIWA

Perth’s median house price remained steady in June despite a downturn in sales and an increase in properties on the market.

According to preliminary data out today by the Real Estate Institute of Western Australia, Perth’s median house price is $549,000.

REIWA president David Airey said that, based on early figures, it appeared that Perth had enjoyed 6 per cent growth for the financial year.

“While turnover is down on reported contracts, this seasonal dip in sales activity is always experienced in the winter months. Sales for the month were down by around 400 properties to 1,892 this was not unexpected,” Mr Airey said.

REIWA data show listings in Perth increased to 10,872 properties, up by 207 in the month and 805 over the quarter.

Mr Airey said the sub-region of Bayswater/Bassendean saw the highest jump in listings, up 56 properties for the month and followed by the City of Armadale up by 75.

“Interestingly, the city of Gosnells saw the strongest fall in listings, down 62 properties, closely followed by the western suburbs (49), and Vincent/Stirling southeast (17), areas which represent both ends of the affordability spectrum,” he said.

Mr Airey said he expected the market to remain largely unchanged until spring when sales activity ‘generally picks up in finer weather’.

“It’s a very stable market with a steady median house price, steady rental price, steady vacancy rate and sales listings trending back to normal levels.

“There is enough confidence in this environment, along with a regime of low interest rates, to keep the market ticking over comfortably and with no great surprises,” he said.

RENTAL MARKET

Perth’s median rent has remained stable with no change in the weekly amount of $450 despite a big jump in rentals available to 5,825 in total. This is up by 440 properties in the month of June and 858 in the three months since March.

“However, the vacancy rate is steady at 4 per cent and typical rents are generally holding in price having come down by around $25 on the same time last year,” Mr Airey said.

The biggest jump in available rentals was through Joondalup, Wanneroo, Cockburn and Kwinana, while Fremantle and Belmont saw a drop in rental properties.

“Owners seem to have become used to the fact that it is taking longer to find tenants and agents are reporting that most owners are far more realistic about rent increases and keen to retain existing tenants,” Mr Airey said.

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