• Perth median house price stable in December


    Perth’s median house price was resilient in December, remaining unchanged at $525,000.

    REIWA President Hayden Groves said reiwa.com data showed Perth’s December median was stable compared to November 2017 and had increased by 1.9 per cent when compared to September 2017.

    “Over the past six months we have consistently observed steady house prices in Perth, which is an encouraging indicator the bottom of the market has occurred,” Mr Groves said.

    Three of Perth’s five sub-regions saw their median house price improve or stabilise in December, with the Central sub-region being the stand-out.

    “The median house price in the Central sub-region increased 2.1 per cent to $735,000 in December and was up significantly by 8.1 per cent when compared to September 2017,” Mr Groves said.

    Drilling down, reiwa.com data shows Perth City had the biggest improvement in median house price in December (up 8.4 per cent to $905,000) followed by South Perth/Victoria Park (up 5.1 per cent to $788,000).

    Other strong performers were Stirling East, Joondalup North and Serpentine-Jarrahdale.

    “It’s pleasing the Perth market appears to have finally turned a corner. We expect market conditions to moderately and steadily improve throughout 2018, although REIWA cautions against expectations of rapid growth this year.”

    For more information about the Perth property market, visit the Perth metro page.