HOUSE and unit prices declined again in the September quarter, but Reiwa is hopeful the market has seen the worst of the downturn.
President Damian Collins said affordability had improved and the current property market climate provided an excellent opportunity for buyers and investors to secure their next home or investment property.
Perth’s median house price is expected to settle at $480,000 for the quarter, which is 1.5 per cent lower than the June quarter 2019 and 4 per cent lower than last year’s September quarter.
“The unit market has shown a similar story with the median expected to settle at $379,000, which is 1.6 per cent lower than the June quarter and 6.4 per cent lower than a year ago,” Mr Collins said.
While the overall market experienced a decline in median sale price, 91 suburbs bucked this trend to record an increase and 54 suburbs saw no change in their median.
The top performing suburbs for median house price growth were Mindarie, Karrinyup, Huntingdale, Waikiki and Floreat.
Listings declined for the second consecutive quarter with reiwa.com data showing there were 13,402 properties for sale in Perth at the end of the September quarter.
“Across the metro area, stock levels declined 10 per cent during the quarter and 13 per cent since the year prior,” Mr Collins said.
“Although there were fewer sales this quarter, it’s pleasing that listing stock continues to be absorbed and this should lead to increases in selling prices in the medium term.”
Reiwa.com data showed 7050 sales in the three months to September, which was 4 per cent lower than the previous quarter and 16 per cent down on the same time last year.
“It’s not uncommon to experience a decline in sales during the September quarter, with West Australians typically less inclined to search for property during winter,” Mr Collins said.
“We tend to see activity slow during the winter months before increasing again as the weather warms up.”
Perth’s top suburbs for the number of sales remained the same as the June quarter with Baldivis, Canning Vale, Morley, Dianella and Gosnells making up the top five.
The suburbs to record the biggest improvement in house sales activity were Floreat, Wellard, Success, Atwell and Craigie.