WA sentiment highest now since glory days of mining boom

“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.”

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

He added that in the unit market, Joondalup South, Cockburn, Stirling West, Bassendean/Bayswater 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.”