Perth property market remains stable

Perth property market remains stable

CONSUMER confidence is increasing as Perth’s property market stability continues according to REIWA.

Reiwa.com data showed prices held steady in March; the median house price increased 0.5 per cent to $517,650 and the median unit price remained unchanged at $407,000.

“It’s pleasing that both house and unit prices are strengthening at the same time because it suggests one sector of the market hasn’t started to recover at the expense of the other,” REIWA president Hayden Groves said.

“Unit prices in Perth are following the same trends we have observed in house prices, with March being the third month in a row the unit median has remained stable.”

The top-performing sub-markets for median house price growth in March were South Perth/Victoria Park, Fremantle, Belmont, Vincent/Stirling SE and the western suburbs, while in the unit market, Joondalup South, Cockburn, Stirling West, Bassendean/Bayswater and Stirling East were the stand-outs.

Mr Groves said consumer sentiment in WA was the highest it had been since the height of the resources boom in mid-2013.

“Buyer confidence in Perth is increasing and based on where we are seeing the biggest improvements in price growth, so is demand for multi-residential dwellings in medium to high-density areas,” he said.

“Additionally, optimism among sellers appears to be returning, with reiwa.com data for March showing listings for sale increased 3 per cent over the month.

“Sellers are feeling more confident as market conditions have picked up and subsequently more motivated to list their property for sale.”