Perth’s median house price lifted one per cent to $510,000 in October, according to reiwa.com’s latest monthly data.
REIWA President Damian Collins said prices in Perth had started to strengthen after softening in winter following some particularly wet weather.
“In a city renowned for its sunshine, the Perth market tends to slow during the cold wintery months. Thankfully, we’re well into spring now which has translated into renewed enthusiasm in the market with more sellers listing their property for sale and prices improving,” Mr Collins said.
Of the properties that did sell, the top performing suburbs for median house price growth during the month of October were Roleystone, South Perth, Como, Atwell and Doubleview.
“Spearwood, Gosnells, Secret Harbour, Karrinyup and Forrestfield also performed well,” Mr Collins said. reiwa.com data also shows Perth sellers returned to the market in October, with 7.8 per cent more listing stock available for sale than in September.
‘“This is a seasonal trend that we’ve observed for a number of years now, even during the boom, with listings typically increasing in October and November as vendors become more motivated to sell in the lead up to Christmas,” Mr Collins said.
The 10 suburbs with the biggest growth in listing stock (percentage wise) in October were Kensington, Cottesloe, Glen Forrest, Greenwood, Shenton Park, Mount Hawthorn, East Fremantle, Nedlands, Brentwood and South Fremantle.
“All but two of the suburbs on this list have median house prices above the Perth Metro median, and seven of these suburbs have medians that sit above $800,000. This year we’ve seen activity increase in the luxury end of the Perth market, with home owners in the area clearly recognising there is good opportunity to secure a quick sale at a competitive price in these higher-end suburbs where there is good buyer demand,” Mr Collins said.
Perth’s rental market continued the strong form displayed in the September 2018 quarter, with reiwa.com data showing leasing activity increased 10 per cent during October.
The 10 suburbs to experience the biggest improvement in leasing activity (percentage wise) were West Leederville, Cannington, Southern River, Bertram, Nedlands, Palmyra, Craigie, Madeley, Secret Harbour and Morley.
Mr Collins said Perth’s median rent price remained at $350 per week, while listings for rent had declined five per cent to now sit below 7,000 for the first time since March 2015.
“The improvement in the rental market is very encouraging. Prices have stabilised and are no longer declining, which is good news for landlords. Now would be a good time for tenants to think about securing a longer-term lease before rents inevitably rise again.
“With Perth’s rental market gaining momentum, this bodes well for the overall market as historically the sales market follows behind the rental market during a recovery,” Mr Collins said.
Information Supplied by REIWA.COM.AU