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.
REIWA president Hayden Groves said that new reiwa.com data reflects this positive sentiment, with’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.
“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.”
“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.”