Housing affordability sustained through September

Housing affordability sustained through September

HOMEBUYERS and tenants continue to benefit from current property market conditions, with the latest reiwa.com data showing that housing affordability was sustained in September.

REIWA president Hayden Groves said Perth’s preliminary median house price slightly softened in September.

“The median house price for the three months to September came in at $525,000, which is 0.8 per cent lower than the three months to August figure,” Mr Groves said.

Perth’s overall median rent also eased by $5 to $370 per week for the same period.

“This broke down to a median house rent of $380 per week, while the unit median was $350 per week,” Mr Groves said.

There was good news for Perth investors, with leasing activity for the three months to September continuing to rise.

All sub-regions across the metropolitan area showed improved levels of activity, with the biggest increases recorded in the North West sub-region (up 15.3 per cent) and the South West sub-region (up 13.1 per cent).

“Perth tenants are definitely taking advantage of market conditions,” Mr Groves said.

“The improved levels of affordability are providing good opportunity for first-time renters to emerge and enter the market, while those in share houses are now finding they can afford to move out on their own.”

Listings for rent were down over the month, but remain above long-term averages.