By Hayden Groves – REIWA President https://reiwa.com.au/
The Perth property market remains stable, with the median house price and median rent holding steady for the third and fifth consecutive month respectively.
In reiwa.com data for the three months to September, the median house price decreased marginally by 1 per cent to $510,000. The median rent price was unchanged at $350 per week.
Stock levels in both sectors decreased, with properties for sale in Perth down by 1 per cent in September and 8 per cent lower compared to last September.
Listing levels in the rental market declined 3 per cent over the month, falling 9 per cent over the year.
“It’s very encouraging to see stock levels across the market continue to reduce, especially when we compare levels for both sectors on an annual basis,” REIWA president Hayden Groves said. “If this trend continues, we should see a better balance between supply and demand of stock start to emerge.”
Despite mostly stable conditions, activity levels in the sales and rental markets reduced over the month, with 1,481 preliminary sales recorded and 4,266 properties leased.
“Historically, sales transactions tend to slow at the start of spring due to a mixture of school holidays, public holidays and the AFL football finals,” Mr Groves said.
Activity generally starts to ramp up as the warmer weather hits in October, with the peak traditionally occurring in November. “Based on this, we are expecting to see transactional activity increase in the coming weeks,” Mr Groves said.
“Joondalup south was the top performing sub-market in September for sales activity, recording a 24 per cent lift over the month, followed closely by Kwinana with a 21 per cent increase in transactions.” Mr Groves said.
“The Belmont and western suburbs sub-markets also posted strong results, both experiencing an 8 per cent lift in sales.” he said.
In Perth’s rental market, Kalamunda was the top performing sub-market in September for leasing activity, recording a 7.9 per cent increase. Other top performers were Canning, Stirling West and Vincent/Stirling.