Current data from the Real Estate Institute of Western Australia (REIWA) show that sales turnover lifted during both October and November pushing Perth’s median house price to a new record.
The data show sales had returned to normal levels and indicate that for the three months to November Perth’s median house price climbed to around $530,000 – $535,000, up from the previous peak of $525,000 on the June quarter.
The main reason for the big rise in sales was that Perth was coming out of a big slump in turnover in the September quarter and had returned to more normal conditions.
The quarterly median for the three months to November was up by almost 4% and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter.
While first home buyer activity is still very evident, there was a solid increase in sales within a 10 kilometre radius of the CBD and a softening of activity in outer areas, particularly along the coastal sub-regions north and south of the city.
This shift in sales composition towards more expensive properties selling pulled the median upwards.
The data also show that in some of the coastal sub regions, such as parts of Wanneroo, Joondalup and in Rockingham there was a weakening in sales activity that had emerged through the month of November.
While this retraction is sales is only modest at around 2-3% on the previous month, it is accompanied by a drop in listings also in these areas which suggests that the fall in sales activity has nothing to do with oversupply.
It is more likely that first home activity in areas away from the coastal strip has been the focus of buyers in more recent times.
The number of properties on the market continues to recover from below average levels over the last year to now reach its highest point for the year. REIWA data currently showing 8,656 dwellings and 1,199 land lots for sale.
The rental market continued to turn in favour of tenants, with the number of available rentals growing and median rents coming down once again.
The median rent in the metropolitan area has dropped by just over 2% over the last three months to $460 across the board. This now breaks down to typical rents for houses coming in at around $470 per week and for units and apartments at around $450 per week.
Current REIWA data show rental listings lifted by 2% last week alone, to 4,419 properties on the market while the vacancy remains above average at around 3.2%.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Interesting Mel - your other thread has Perth down 3.8%. What am I missing? Maybe my brain hasn't woken up yet.
It is not surprising that there was a shift to outer areas and back, when the govt has pissed about with the fhb grant. Reiwa won't cater for this. RP should, but doesn't seem to. If there are no more shifts, Perth should become flat again, or rise if it is fact rising in the next quarter. Interesting to see.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
Interesting Mel - your other thread has Perth down 3.8%. What am I missing? Maybe my brain hasn't woken up yet.
It is not surprising that there was a shift to outer areas and back, when the govt has pissed about with the fhb grant. Reiwa won't cater for this. RP should, but doesn't seem to. If there are no more shifts, Perth should become flat again, or rise if it is fact rising in the next quarter. Interesting to see.
I don't get paid enough to think newjez, only to post articles.
APF - a place where serious people don't take themselves too seriously. There's nothing else like it.
Whilst driving the kids to school I did hear on the radio that the Sandgroper population numbers has decreased not sure how much...
Yeah the vacancy rate seems to be creeping up, it's not affecting me until next yr when lease renewals are due, I shall review wether there's the need to decrease ny rental rates...time will tell really.
This yr I have not need to decrease, just maintain really.
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$ It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do. Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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