Perth gets lift in median house price
Strong sales in the upper end of the market — the western suburbs, Stirling and Melville — helped lift Perth’s median house price to $553,000 in the December quarter.
David Airey, president of the Real Estate Institute of WA — which provided the data — said the increase was a sign of seasonality in the upper-end markets, where people who might have been looking at premium property for a while decided to act.
“With listings up there is more choice and prices are steady, ” he said.
While Perth’s median house price increased half a per cent in the December quarter, REIWA’s preliminary figures show the annual median house price increased 4.6 per cent on the previous year.
Acton director Travis Coleman said Australians returning from overseas, overseas investors and corporate tenants changing their residency situations resulting in the ability to buy property were among factors that led to stronger sales activity in the more expensive markets.
Listings spiked 28 per cent, which resulted in just over 13,000 properties listed for sale before settling to about 12,000 by the year’s end.
Average selling days fell by two days to 57, indicating new stock was being snapped up quickly.
Mr Airey said the results from the December quarter showed a steady market, which was not sustainable on current trends.
“With the fall in population growth and spike in listings, there will be downwards pressure on prices through 2015 — for sales and rentals, ” he said.
© The West Australian
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