• September quarter reveals improvement in affordability

    New

    photo_aerial_coastal_homes

    Affordability in Perth’s residential sales market has improved during the September 2019 quarter, with reiwa.com data showing that house and unit prices have softened marginally.

    REIWA President Damian Collins said the current property market climate provides an excellent opportunity for buyers and investors to secure their next home or investment property.

    “While the worst of the market downturn appears to be behind us, the results of the September 2019 quarter reveal conditions are favourable for buyers and investors,” Mr Collins said.

    Median house and unit price

    reiwa.com data shows Perth’s median house price should settle at $480,000 which is 1.5 per cent lower than the June 2019 quarter and four per cent lower than last year’s September quarter.

    “The unit market has shown a similar story with the median expected to settle at $379,000, which is 1.6 per cent lower than the June quarter and 6.4 per cent lower than a year ago,” Mr Collins said.

    While the overall market experienced a decline in median sale price during the quarter, there were 91 suburbs that bucked this trend to show an increase and 54 suburbs that saw no change in median.

    The top performing suburbs for median house price growth were Mindarie, Karrinyup, Huntingdale, Waikiki and Floreat.

    Find out more on these suburbs including market information, key facts, demographics and statistics, by using reiwa.com's suburb profile search

    Listings for sale

    For the second consecutive quarter, there has been a decline in listings for sale with reiwa.com data showing there were only 13,402 properties for sale in Perth at the end of the September 2019 quarter.

    “Across the metro area, stock levels declined 10 per cent during the quarter and 13 per cent since the year prior,” Mr Collins said.

    “Although there were fewer sales this quarter, it’s pleasing that listing stock continues to be absorbed and this should lead to increases in selling prices in the medium term.”

    Sales activity

    There were fewer sales in the September 2019 quarter with reiwa.com data showing 7,050 sales which was four per cent lower than the June 2019 quarter and 16 per cent lower than the same time last year.

    “It’s not uncommon to experience a decline in sales during the September quarter, with West Australians typically less inclined to search for property during winter. We tend to see activity slow during the winter months before increasing again as the weather warms up,” Mr Collins said.

    “Perth’s top selling suburbs for sales during the September 2019 quarter remained the same as the June quarter with Baldivis, Canning Vale, Morley, Dianella and Gosnells leading the top five. While the suburbs to record the biggest improvement in house sales activity were Floreat, Wellard, Success, Atwell and Craigie.” 

    View our Perth Market Snapshot graph for a detailed breakdown of the past week.

  • Other articles of interest

    See all