Perth’s house prices have remained stable but sales activity has seen double-digit growth in the first quarter of 2016.
Figures recently released by the Real Estate Institute of Western Australia (REIWA) show thatrecorded a median house price of $535,000 in the three months to 31 March 2016 – the same figure recorded for the three months to February 2016.
“We did see the median house price ease back slightly from the three months to December 2015, but this isn’t unusual as there is typically some volatility during the festive season that can skew data,” said REIWA president Hayden Groves.
“Pleasingly, since the Christmas and New Year period there has been more balance and stability in the market, with the median house price evening out and sales activity increasing 15 per cent on the December 2015 quarter.”
The strongest performers for sales activity were in the north-west and south-west sub-regions of Perth, with Baldivis, Ellenbrook, Canning Vale and Morley recording the highest volumes of reported sales for the month of March.
Meanwhile, rent prices also remained steady in the WA capital, with the median rent for houses and units remaining at $400 and $380 per week respectively during the quarter.
“Perth’s vacancy rate has also improved, coming down to 5.9 per cent in the three months to 31 March 2016, from six per cent in the three months to 31 January 2016,” Mr Groves said.