Perth’s stable house and rent medians good news for the market: REIWA

Perth’s median house price and median rent have both remained stable in the three months to August 2017 with the median house price sitting at $515,000, and the overall median rent resting at $350 for the fourth month in a row.

REIWA President Hayden Groves said it was encouraging to see the median price remain firm across both sectors of the Perth property market.

“The stable medians are good news and indicate that seller’s and landlord’s expectations are matching those of buyers and tenants,” said Mr Groves.

According to the latest data, listings for sale have continued to trend marginally lower over the past month, by one per cent. However, in comparison to three months ago, listings levels are lower by 10 per cent.

“The reduction of properties for sale should create a better balance between the supply and demand of Perth’s overall housing stock.

“Traditionally in spring, there tends to be a lift in sales activity which means there is potential for the median house price to increase in the coming months as we see more demand for housing and increased competition from buyers,” said Mr Groves.

In the residential rental market, data shows stock has reduced by six per cent to 10,046 properties for rent, with leasing activity up by eight per cent during the month of August.

“The boost in leasing activity is pleasing to see and has contributed to the declining trend in listings levels as rental stock gets absorbed due to the demand from tenants. This improved activity is also helping to keep the overall median rent in check at $350 per week, stable for the fourth consecutive month, which is welcome news for landlords and property managers alike.

“With the warmer weather ahead, we should typically see both buyer and tenant activity levels increase. Together with the stabilising trends in median house and rent prices, the Perth property market is showing positive signs as we head into spring and summer,” said Mr Groves.

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