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After solid gains in November, reiwa.com data reveals 64 per cent of Perth suburbs with statistically significant activity*, saw stable or increased median house price movement during December.
REIWA President Damian Collins said CoreLogic’s latest home value index supports this which has also stabilised in December, holding onto gains seen in November.
“In the latter end of 2019, reiwa.com data found that the luxury market continued to perform well across both sales and rentals, and we are now starting to see the flow on effects with suburbs in the lower end of the market also picking up,” Mr Collins
December reiwa.com data shows five of the 10 top performing suburbs according to median sale price growth had a median below Greater Perth’s median of $479,000.
“Applecross saw the largest growth of 3.2 per cent, which was closely followed by Rockingham (2.1 per cent), North Perth (1.5 per cent), Butler (1.4 per cent) and High Wycombe (1.3 per cent).
“It is pleasing to see that the higher end of the market still continues to do well and the lower end begins to see improvements. Trade-up buyers are most active and currently account for 53 per cent** of demand in line with earlier improvements seen
at the higher end. That said, improvements at the lower end could attract first home buyers and investor back into the market which could change this”.
There were fewer properties for sale in December than November, with reiwa.com data showing listings for sale declined 12 per cent during the month.
“With listings declining and the average days on market lowering to 67 for dwellings, current stock is being absorbed quickly, therefore buyers are advised to keep this in mind when looking for their next property,” Mr Collins said.
Listing stock in Perth’s rental market continued to plummet in December, declining a further seven per cent to 5,616.
“In addition to the decline we’ve seen during the month, listings are now a significant 18 per cent lower than they were a year ago,” Mr Collins said.
“This reduction in listings, combined with stable rent prices and healthy leasing volumes, has pushed the Perth vacancy rate to 2.3 per cent, the lowest level Perth has experienced since February 2019.”
Perth’s overall median rent price remained at $350 per week in December 2019.
“Traditionally the first few months of the year are a busy time for leasing activity. If the rental market remains on its current upward trajectory, we should see rent prices increase throughout the year” Mr Collins said.
View more WA market data and property information.
*Filtered for suburbs with seven or more sales or leased properties during each comparable period. **ABS 5601 October 2019 data, REIWA Research calculations.
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