Perth house prices up in December quarter
The median Perth house price grew by around 3% in the December quarter, increasing from $480,000 in the September quarter to $495,000 by December – according to a preliminary report by the Real Estate Institute of Western Australia (REIWA).
Overall sales activity increased by 4% in the December quarter with increased sales volumes in the higher price ranges.
Strong activity was recorded in Perth's western suburbs, where sales activity increased by 57% on the September quarter.
The southern part of the City of Joondalup was up 9% volumes wise on the September quarter and the western part of the City of Stirling experienced an increase in activity of 6%.
The REIWA president David Airey says the lift in median price could be attributed to a significant increase in higher priced properties that changed hands through-trade-ups.
“We have recorded more activity in the $600,00 to $700,00 range, as well as with homes over $800,000,” says Airey.
Turnover for dwellings under $350,000 dropped off in the December quarter but there was an increase in sales within the $350,000 to $400,000 range.
Only 55% of sellers discounted their house in the December quarter compared to 60% in the September quarter.
“However, now that buyers have more confidence and sellers are meeting the market with better pricing, the number of selling days has dropped from 71 to 62 for the quarter and this figure has been trending down for a while,” says Airey.
The number of listings continued to fall, down 32% on the same time last year.
By years end there were 9,200 properties on the market including 1,800 blocks of land.
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Previous experience shows that one month’s figures from one source are meaningless, particularly when there are numerous other research outlets with different figures.