The Perth property market put in a strong performance during the March quarter. House sales rose by 30 per cent over the three-month period, and leasing activity increased by 24 per cent.
REIWA President Hayden Groves said it was encouraging to see market activity improving across both sectors of the Perth property market.
“Signs are certainly beginning to suggest that the worst may be over in Perth," said Groves.
"Home buyers, investors and tenants are clearly taking advantage of favourable conditions to secure their dream home, property investment or rental lease,” he said.
reiwa.com data also shows that leasing activity was up 35 per cent compared with the same period last year.
All five Perth regions experienced notable hikes in activity, but the standout performance came from leasing activity in the North West region of Perth.
“While the rental market certainly still presents its challenges for landlords with listing levels remaining high, tenants are very active right now," said Groves.
"The [leasing] market remains competitive," said Groves, "but provided your rental is priced and presented well, you have a very good chance of securing a tenant."
Residential property sales were down 1 per cent compared with the March 2016 quarter. The number of listings for sale were down 3 per cent on an annual basis, according to the reiwa.com data.
“Sales activity in Perth appears to be stabilising," said Groves.
"We’re regularly seeing activity levels show signs of improvement which is pleasing," he said.
Positive median house price growth in regional WA in December quarter
Perth's median house price increases again in December
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