Western Australia’s peak real estate body is reporting a significant increase in sales activity over February, with three metropolitan suburbs recording big gains.
The REIWA is reporting a significant rise in sales activity following a dip over the Christmas and New Year period.
“Reiwa.com data shows sales activity in Perth lifted 16 per cent over the month and 5 per cent when compared to November 2015,” REIWA president Hayden Groves said.
“We’ve also seen that weekly sales over the last three weeks are higher than they were at the same time last year. While it’s too early to call this a trend, it’s a good indicator that mobility in the market is beginning to improve,” he said.
The market also recorded a 1.1 per cent reduction in the median house value during the quarter ending February to sit on $529,000, and a 3 per cent increase in listings during the month.
“This is a marginal increase given the time of year, but it’s significant to note that listings are now 8 per cent lower than they were in November which suggests this could be the early stages of a correction in a market of prolonged higher than average stock levels,” Mr Groves said.
Other highlights from the latest release of REIWA market data include a steadying in the overall median rental price, which remained at $400 per week in the three months to February.