Perth property market’s stability indicates start of recovery, says REIWA

Stock image.
Stock image.

ONGOING stability in the property market indicates the start of a recovery according to REIWA.

Median house and rental prices remained stable in the three months to November according to the latest data from reiwa.com.

President Hayden Groves said Perth’s median house price increased 1 per cent to $525,000 from the three months to October, while the overall median rent price remained at $350 per week.

“Perth’s median house price has shown resilience over the last few months,” he said.

“We’ve seen the median increase in the three months to November, up a healthy 1.9 per cent when compared to three months ago.

“Similarly, Perth’s median rent has not changed since April, which is the longest streak of stable prices we’ve seen since 2013.

“After a prolonged period of declining rental prices, these steady results are a welcome change for property investors.”

At a sub-market level, reiwa.com data showed Perth City in the Central sub-region had the biggest increase to its median house price, up 6.8 per cent during the three months to November.

Strong results were also recorded in Stirling East (up 4.3 per cent), South Perth/Victoria Park (up 3.7 per cent) and Melville (up 3.4 per cent).

In the rental market the Mundaring sub-market in the North East sub-region was the top performer, with its median rent price increasing $30 to $430 per week.

“It’s encouraging that prices in both the sales and rental markets are steady or improving,” Mr Groves said.

“While we don’t expect there to be significant price growth in 2018, the stability we’ve observed in the Perth market over the last half of 2017 points to the start of the recovery.”

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