Funny because the Perth median in the original article is stated by REIWA as 540k, your link states 535k and the RP median over the last 8 weeks averages at 527k.
Exactly, another number. So why does an article posted yesterday start with "REIWA president David Airey said the metropolitan median price was steady at $540,000 but that sales turnover was down"?
Surely he must know the key market number off the back of his head?
Maybe Mike or Skamy could enlighten us all?
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
Perth’s median house price remains steady for the month of August according to data from the Real Estate Institute of Western Australia (REIWA).
REIWA president David Airey says sales turnover has slumped but metropolitan prices showed no movement, remaining at $540,000.
“Turnover for houses is down by almost 25 per cent for the three months to August, however there’s always a seasonal dip in sales during the winter months and this tends to pick up as we head into spring weather,” he says.
Sales were weakest through the cities of Stirling, Fremantle, Vincent, Kwinana and the western suburbs. Low consumer confidence has had an impact on the market according to Airey.
“The number of properties on the market is up by one per cent for the month of August,” he says.
Listings increased the strongest through the cities of Bayswater, Bassendean, and the City of Vincent. Listings through the northern end of Joondalup fell most strongly.
The rental market shows signs of stabilisation, says Airey, with no change in the median rent.
“This is steady at $450 per week despite the high vacancy rate of 4.2 per cent in the three months to August,” he says.
The number of rental listings is up by 47 per cent on the same time last year, with 5903 properties currently on the market.
“While these listings came down a little for the month of August, they had increased through June and July by around 10 per cent. Many of these new rentals were through Joondalup, Wanneroo, Armadale and Cockburn,” Airey says.
Expect sales to bounce in Spring while remaining lower yoy.
My own viewpoint is that we are in the "sticky down" phase with asking prices.
I am talking SOR property here as I have been studying it hard for the last year (which is why I sold).
One trend that is worth watching is the number of properties listed with "out of town" RE agents.
Local agents tend to know the market quite well and will be more realistic when advising on asking prices. RE agents like high prices but turnover is equally important. They know that asking too much does nothing for their turnover.
When I see a property in Warnbro or Rockingham listed with a Mandurah based RE, I also see an unrealistic asking price.
Within suburbs there are good and bad bits and I saw a listing this morning in the arse end of Port Kennedy that is at least 50k over what a local agent would appraise it at.
You wouldn't buy the house if you knew the area. There are bigger and better houses on for much less in better parts of town.
Getting back to the "sticky down" thing.
When people sell, they get two or three appraisals and generally award the contract to the RE that promises them the highest selling price (human nature).
If they have listed with an out of town agent, it is generally because the local agents didn't give them the answer that they wanted to hear.
Here is an example (on now for five weeks, out of town agent, 10k reduction).
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
My own viewpoint is that we are in the "sticky down" phase with asking prices.
I am talking SOR property here as I have been studying it hard for the last year (which is why I sold).
One trend that is worth watching is the number of properties listed with "out of town" RE agents.
Local agents tend to know the market quite well and will be more realistic when advising on asking prices. RE agents like high prices but turnover is equally important. They know that asking too much does nothing for their turnover.
When I see a property in Warnbro or Rockingham listed with a Mandurah based RE, I also see an unrealistic asking price.
Within suburbs there are good and bad bits and I saw a listing this morning in the arse end of Port Kennedy that is at least 50k over what a local agent would appraise it at.
You wouldn't buy the house if you knew the area. There are bigger and better houses on for much less in better parts of town.
Getting back to the "sticky down" thing.
When people sell, they get two or three appraisals and generally award the contract to the RE that promises them the highest selling price (human nature).
If they have listed with an out of town agent, it is generally because the local agents didn't give them the answer that they wanted to hear.
Here is an example (on now for five weeks, out of town agent, 10k reduction).
People are stupid. You should pick the price, not pick the highest agent. The agents price reflects the number of property they have on their books. Any agent will list with whatever price you want.
Whenever you have an argument with someone, there comes a moment where you must ask yourself, whatever your political persuasion, 'am I the Nazi?'
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
That is what we have been saying the market is nice and steady no boom just a regular property market and definitely no signs at all of a bust.
Nice and steady depends on whether you believe that the median is 540k (in the article), 532.5k on the REIWA website or 527k as the average of the median quoted by RP data over the last six weeks.
One says steady, one says below average and the other says plunging.
Which one do you believe?
Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be rising.
Look at the rise in the price of land Perthite, watch out for that you can see how supply is dropping as the glut from the GFC is sold and prices are now headed above previous highs. Median price went from $250K to $263,450 that is 5% up on the quarter from dec to mar, the most recent reliable figures.
There are still problems in the high end market so no rush there
Jimbo
30 Aug 2014, 06:08 PM
Nice and steady depends on whether you believe that the median is 540k (in the article), 532.5k on the REIWA website or 527k as the average of the median quoted by RP data over the last six weeks.
One says steady, one says below average and the other says plunging.
Which one do you believe?
No they measure differently some stratify to try to take into account the changing nature of the median house price, the main thing is the trend have you got trend data for the other measures?
Definition of a doom and gloomer from 1993 The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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