WA sentiment highest now since glory days of mining boom
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WA sentiment highest now since glory days of mining boom

WA sentiment highest now since glory days of mining boom

by Tim Neary | April 06, 2018 | 1 minute read

Consumer sentiment in Western Australia is currently the highest it has been since mid-2013, at the height of the resources boom, according to the REIWA.

Western Australia, highest in property market, market conditions, mining boom
April 06, 2018

REIWA president Hayden Groves said that new reiwa.com data reflects this positive sentiment, with PerthPerth, TAS Perth, WA’s median house and unit prices stabilising in March, and both showing signs of holding up well.

“Sellers are feeling more confident as market conditions have picked up and, subsequently, more motivated to list their property for sale,” the president said.

Mr Groves said that Perth’s median house price had increased by 0.5 per cent to $517,650 in March, while the median unit price remained unchanged at $407,000.

The results are encouraging, the president said.

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“It’s pleasing that both house and unit prices are strengthening at the same time because it suggests one sector of the market hasn’t started to recover at the expense of the other.

“Unit prices in Perth are following the same trends we have observed in house prices, with March being the third month in a row the unit median has remained stable.”

Mr Groves also said that the top-performing sub-markets for median house price growth in March were South Perth/Victoria Park, Fremantle, BelmontBelmont, QLD Belmont, VIC Belmont, NSW Belmont, WA Belmont, QLD, Vincent/StirlingStirling, WA Stirling, SA Stirling, ACT SE and the Western Suburbs.

He added that in the unit market, Joondalup South, Cockburn, Stirling West, Bassendean/BayswaterBayswater, WA Bayswater, VIC and Stirling East were the standouts.

“Buyer confidence in Perth is increasing and, based on where we are seeing the biggest improvements in price growth, so is demand for multi-residential dwellings in medium to high-density areas.

“Additionally, optimism among sellers appears to be returning, with reiwa.com data for March showing listings for sale increased by 3 per cent over the month.”

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