PERTH home prices may have declined for another month, but sales and rental activity improved in October.
Reiwa.com data showed an increase of 2 cent in sales transactions and 16 per cent in leasing transactions during the month.
Reiwa deputy president Lisa Joyce said it was encouraging to not only see market activity lift across both sectors, but also see improvements on all aspects of the rental market.
“Leasing activity has improved 16 per cent with 4678 new leases signed in October,” she said.
“Levels this high have not been recorded since January this year.”
The suburb to see the biggest increase in leasing activity was Baldivis with 66 leases during the month.
Morley, Canning Vale, Ellenbrook and Balga closely followed with an average of 40 leases.
Ms Joyce said the median rent price continued to hold steady at $350 per week and listings for rent reached the lowest levels since 2014, with only 5895 listings for rent recorded on reiwa.com at the end of the month.
“Despite the median rent stabilising, there were still 29 suburbs that recorded an increase to their median rent price, with the suburbs that saw the biggest improvement were Butler, Baldivis, Cooloongup, Jindalee and Warnbro,” she said.
In the sales market, Perth dwelling values declined 0.4 per cent in October according to the latest CoreLogic Home Value, representing a slowdown in the rate of price decline as Perth trended towards a more stable property market.
Ms Joyce said this was pleasing to see and hopefully in the coming months the market could expect to see a gradual improvement, similar to the other capital cities.
“Although overall prices had remained the same as the previous month, reiwa.com data shows 26 per cent of suburbs saw improvements in median sale price,” she said.
Reiwa.com data revealed the top performers for the month, with the biggest improvements in median sale price, were Scarborough, Ballajura, Winthrop, Stirling and Wembley Downs.
“There has been a lot of uncertainty surrounding the property market this year, and while we are not seeing the big shifts in levels that we experienced during peak times, it is a positive sign to see the increase in sales and rental activity,” Ms Joyce said.
“Perth remains very favourable for buyers and investors at the moment, however I would advise those who are thinking about purchasing their first home, trading up or investing, to act soon and take advantage of current conditions before the market starts to recover and prices inevitably rise.”