• Sales activity increases in Perth in February


    Sales activity in the Perth metro region increased in February, with reiwa.com data showing volumes were up eight per cent compared to January.

    REIWA President Hayden Groves said it was pleasing to see activity improve in February after the traditional lull of the Christmas and New Year period.

    “It’s good to see buyers returning to the market after the festive season. For anyone thinking of trading up to a new home, buying their first home or purchasing an investment, 2017 is the year to take advantage of favourable conditions before the market turns again,” Mr Groves said.

    Canning Vale was Perth’s top selling suburb for house sales in February, followed by Duncraig and then Ellenbrook.

    “Other suburbs in the mix were Baldivis, Willetton, Ballajura, Hamilton Hill and Thornlie,” Mr Groves said.

    Listings for sale

    Listings for sale in the Perth metro area experienced a small two per cent increase in February.

    “It’s not unusual to see listings increase in the first couple of months of the year after the Christmas and New Year period. Importantly, whilst purchasers still have adequate properties to choose from, stock levels are not increasing at a particularly high rate,” Mr Groves said.

    “The number of properties for sale in February this year is actually two per cent lower than February 2016, which indicates stock levels have peaked for the time being.”

    Median house price

    Perth’s median house price experienced a minor adjustment in the three months to February, creeping back to $518,000.

    “Although we experienced a noteworthy eight per cent increase in sales activity, the 1.3 per cent shift in the median can be attributed to a change in the composition of sales, with more transactions occurring in the lower end of the market,” Mr Groves said.

    Perth rental market

    Leasing activity in the Perth metro area declined over the month, however reiwa.com data shows it lifted five per cent in the three months to February.

    “Although leasing volumes were down last month compared to January, tenants remain very active right now. And in fact, if we compare February’s leasing levels to the same time in 2016, activity is actually up seven per cent on an annual basis,” Mr Groves said.

    Perth’s overall median rent price was stable in the three months to February, holding at $360 per week.

    “In terms of houses and units, this broke down to $375 per week for houses and $340 per week for units,” Mr Groves said.

    “Tenants remain the beneficiary of Perth’s rental market, however investors should be encouraged that prices have held up well over the last three months and activity has increased.”

    reiwa.com data shows the total number of rental listings in Perth declined by one per cent over the month.

    Mr Groves said there had also been a noticeable improvement in the three months to February, with listing levels now 12 per cent lower than they were in November 2016.

    “There’s no denying listings are higher than we’re used to, but the fact rental stock is no longer increasing at the frequency it once was is an encouraging sign. It suggests levels have peaked and are now stabilising,” Mr Groves said.

    For a quick run down of how Perth performed in February, view our latest Perth market update video.