Perth’s median house price rose during November, new data has found, despite softening capital city prices across Australia.
Median house prices rose by 1.6 per cent in the Western Australian capital over November up to $518,000, the Real Estate Institute of WA has found.
According to REIWA president Damian Collins, this is the second month in a row that the median house price inhas risen.
“Perth’s median house price has been fairly flat throughout 2018, so it’s pleasing to see two consecutive months of median price growth as we head into the New Year,” Mr Collins.
“Analysis shows there was a shift in the composition of sales in November, with a greater proportion of transactions occurring above $1 million than there were in October. This has contributed to the increase we’ve seen in Perth’s median house price this month,” Mr Collins said.
The top suburbs for sales in November were Willetton, Baldivis, Canning Vale, Duncraig and Ellenbrook, while the top suburbs for improving sales volumes were Quinns Rock, Willetton, Doubleview, Leeming and Wellard.
“While overall sales activity in the Perth Metro region remains subdued, numerous suburbs bucked this trend during November to record notable improvements in sales,” Mr Collins said.
There was also a 5 per cent rise of listings, which Mr Collins said was not unusual for the November period.
“Sellers are returning to the market following the lull of the winter period and wanting to get in quick before the holiday season ramps up,” Mr Collins said.
With listing stock rising, buyers have a good supply of choice available to them, making it a very good time to buy.”
Perth’s median rental price was stable at $350 per week over November for the most part, with the exception being a slight 5 per cent rise for unit rentals.
“While the overall median and median house rent ($360 per week) were stable, pleasingly the median unit rent did increase to $330 per week during November,” Mr Collins said.
The top suburbs for leasing activity in November were Kardinya, Coolbellup, Bedford, Kelmscott and Harrisdale, while the top suburbs for the largest number of leased properties were Perth, East Perth, , South Perth and Baldivis.
Unlike the sales listings, the rent listings remained stable for November, but at below 7,000, the listings are 25 per cent below in comparison to this time last year.
“The rapid decline in listings we’ve observed this year is a key driver behind the rental market’s recovery,” Mr Collins said.
It has also had a significant impact on the vacancy rate, which continues to decline and now sits at 3.3 per cent.”