Perth median house price increased in November: REIWA

GREATER activity in higher price brackets saw Perth’s median house price increase in November.

It rose 1.6 per cent to $518,000, according to reiwa.com data.

REIWA president Damian Collins said this was the second month in a row Perth’s median house price had shown improvement.

“(The) 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,” he said.

“Reiwa.com 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.”

The top selling suburbs in November were Willetton, Baldivis, Canning Vale, Duncraig and Ellenbrook, while Quinns Rock, Willetton, Doubleview, Leeming and Wellard had the biggest percentage growth in sales volumes.

“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.

Listings for sale were five per cent higher at the end of November than at the end of October.

Mr Collins said it was not unusual to see increases in listing stock at this time of year.

“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,” he 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 overall median rent price remained steady at $350 per week in November, however there was a small $5 increase in the median unit rent price.

“While the overall median and median house rent ($360 per week) were stable, pleasingly the median unit rent did increase to $330 per week,” Mr Collins said.

“Additionally, when we compare the November 2018 median unit rent to three months ago (August 2018), reiwa.com data shows the unit rent has increased by $10 per week.”

The five suburbs which experienced the biggest percentage increase in leasing activity during November were Kardinya, Coolbellup, Bedford, Kelmscott and Harrisdale, while Perth, East Perth, Scarborough, South Perth and Baldivis had the most number of leased properties.

Listings for rent were stable in November, remaining below 7000 and 25 per cent lower than the same 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.”