Although it’s no stranger to price declines, demand for property in Perth is gaining upward momentum.
Data from realestate.com.au’s Property Outlook – July 2018 report shows that demand inis up 6.4 per cent year-on-year, with house demand rising 7.5 per cent, while demand for apartments remained steady.
Median prices are overall on the downhill slide, with the median price for all dwellings down 2.3 per cent year-on-year to $470,000. Houses saw a dip down 3 per cent to a median price of $485,000, while apartments remained steady at $415,000.
While prices are seeing a decline, the report notes that the state, along with Perth, is turning around for the better, with demand continuing to climb up.
“Perth has seen the third highest increase in demand over the past 12 months, after Hobart and Canberra. In some parts of Perth, such as the north-west of the city, prices are now consistently up year-on-year,” the report noted.
While prices fell in all but one of the areas, demand rose across every single Perth region, with the highest rise being north-east Perth, rising 11.4 per cent, with a median price fall of 1.1 per cent to $430,000.
The single growing area is north west Perth, which rose 0.3 of a percentage point to $497,000. As the report noted, the south-west area is the toughest market at the moment, which saw the largest price decline at 5 per cent to $465,4000.
The top 10 most popular suburbs in Perth, according to realestate.com.au, are: