PERTH has experienced its strongest winter residential sales season for seven years, new figures show.
Home values across the city jumped by 3.8 per cent throughout the season up to August 26, RP Data figures show.
RP Data senior research analyst Cameron Kusher said Perth’s growth for the year to date (8.3 per cent) was currently leading the nation.
“It is important to keep in mind that winter is usually a slow period for the housing market in Perth,” Mr Kusher said.
“Of course, winter isn’t finished quite yet but if we look at the past five years it is shaping up as the strongest over that period."
Perth's fastest selling suburbs revealed
Values increased by just 0.2 per cent in winter 2012 and fluctuated in 2011 (-3.1 per cent), 2010 (0.2 per cent), 2009 (1.9 per cent), and 2008 (-1.8 per cent).
Perth’s median house price is currently $510,000 and the median unit price is currently $425,000, according to RP Data.
I do recall telling some bears here early in winter that sales had remained strong and had only fallen slightly from the strong summer and autumn selling period. I did warn you. I picked up the signs early on in the market.
What I am seeing now is increased activity which is picking up rapidly. The increased activity is not being meet with the same increase in supply. Supply of houses and land should have increased significantly during winter as sales slowed, this did not happen due to a strong winter. We now enter spring and summer with low levels of stock with demand rising. We should continue to see strong price growth of 3 to 4% a quarter.
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