Encouraging news just in from the Real Estate Institute of WA (REIWA) indicates that the worst of the Perth property market is now behind us. Preliminary September quarter data has mirrored those in the June quarter and revealed steady or improved levels across most key markets and a general stabilising of the market overall.
REIWA President Hayden Groves said the fact that conditions mirrored those experienced in the June quarter indicates the Perth property market may have finally “found its floor”.
“We’ve observed six months of stable conditions, with both the June and September quarters posting consistent results. Historically, before a market improves there is a sustained period of level stock, sales activity and house prices, which is what we appear to be witnessing at the moment,” said Mr Groves.
Other interesting stats revealed in the preliminary data
Median House Price – $499,000 (expected to rise to $515,000 once all sales have settled. This is $5k more than the median house price in June).
Median Unit Price – $395,000 (expected to rise to $407,000 once all sales have settled. This is on par with the June quarter median unit price).
Sales Activity – Expected to exceed 6,000 once all sales have settled (not far off the 10-year quarterly average of 6,780).
Listings – 13,043 (7.3% lower than listings recorded at the end of June and 7.9% lower than listings recorded at the end of September 2016).
Average days on market – 70 (with fewer sellers needing to reduce their asking price).
Mr Groves said the numbers are promising. “With sales activity trending up and listing levels declining, this has improved net demand across the metro area and contributed to the healthy sales figures we’ve seen this quarter.”
Click here to read the full report.