Perth median prices were steady during the March quarter, according to the Real Estate Institute of Western Australia (REIWA).
Data showed that there were no additional declines to median house and unit prices during the March quarter. Instead, Perth’s median house price rose 0.6% to $500,000 over the period.
“On an annual basis, median house prices in Perth are stable, with no change recorded between the March 2018 and 2019 quarters, which is positive,” REIWA President Damian Collins said.
Perth’s unit median price is also stable, holding at $380,000 during the quarter.
While overall housing market conditions in WA are subdued, 37%of suburbs in Perth experienced stable or median house price growth.
Falcon, Karrinyup, Mullaloo, Roleystone, and Heathridge recorded the most notable increases in median house price. Rockingham, Scarborough, South Perth, and Como, meanwhile, led the growth in median unit value.
“The March quarter results suggest median property prices in Perth are at or nearing the bottom of the market. On-the-ground information from our members suggests that the middle and higher end of the market is tracking reasonably well, signalling some suburbs in this part of the market may be in the early stages of recovery. While many suburbs in the lower end still appear to be struggling, there are excellent opportunities available to secure your dream home or investment property at a competitive price,” Collins said.
Perth’s sales volumes, on the other hand, were down both on a quarterly and annual basis. Reiwa.com data showed that there were 6,636 properties sold during the March quarter.
“With a federal election looming, it’s not surprising volumes haven’t picked up yet. Elections are an uncertain time and typically have an impact on property markets. The changing housing market conditions on the east coast have also likely impacted buyer activity in Perth. There has been a lot of focus on Sydney and Melbourne’s declining housing markets, which would be affecting buyer sentiment in WA.” Collins said.
Ten percent of suburbs, though, posted steady or increased volumes. Yanchep, Manning, Mullaloo, Sorrento, and Aveley recorded the most notable increase in sales.
Of all houses purchased in WA’s capital during the March quarter, reiwa.com data shows 70% sold below $600,000.
“This is up from 64% in the December 2018 quarter, which indicates affordability continues to improve in Perth, presenting excellent opportunities for first home buyers, trade-up buyers, downsizers and investors to secure a good deal,” Collins said.