THE Perth property market ended the year on a positive note with the median house price holding steady at $525,000 in the three months to December according to reiwa.com data.
REIWA president Hayden Groves said Perth’s December median was stable compared to November 2017 and had increased by 1.9 per cent when compared to September 2017.
“Over the past six months we have consistently observed steady house prices in Perth, which is an encouraging indicator the bottom of the market has occurred,” he said.
The median house price improved or stabilised in December in three of Perth’s five sub-regions, with the central sub-region being the stand-out.
“The median house price in the Central sub-region increased 2.1 per cent to $735,000 in December and was up significantly by 8.1 per cent when compared to September 2017,” Mr Groves said.
Reiwa.com data showed Perth city recorded the biggest improvement in median house price for the period (up 8.4 per cent to $905,000) followed by South Perth/Victoria Park (up 5.1 per cent to $788,000).
Other strong performers were Stirling East, Joondalup North and Serpentine-Jarrahdale.
Mr Groves said it was pleasing the Perth market appeared to have finally turned a corner.
“We expect market conditions to moderately and steadily improve throughout 2018, although REIWA cautions against expectations of rapid growth this year,” he said.