New data from the REIWA shows Perth’s median house price was steady for the third consecutive month in September, and eased by only one per cent to $510,000 in the September quarter.

Rents held steady at $350 per week.

"I'm finding the market flat," said David Arnold, agent with Ethos Property, Perth.

REIWA president Hayden Groves said market conditions had levelled out in the lead up to the traditional ‘spring selling season’, which generally peaks in November.

Related content: Perth property prices could tick higher this spring: REIWA

"The first five months of the years were going gangbusters, and then we slowed down dramatically" said Arnold.

Arnold is now seeing an increase in 'subject sales', where an offer is made on a property, subject to the purchaser selling their own property. Arnold said he doesn't consider the property to be 'under offer' until the 'subject sale' has been resolved.

Outlook for Perth real estate

"I think we should just hang in there," said Arnold of Perth real estate.

The Sydney and Melbourne markets are beginning to soften, he said, and he expects the Perth market will soon begin to pick up.

"There's a little bit more activity in the mines," he said, with new exploration and new mining activity slowly gathering pace.

"Australia's always had a two-speed economy," he said.

Stock levels are down

Listings for sale in Perth fell 1 per cent in September, and were down 8 per cent when compared to September 2016. 

In Perth’s rental market, listings fell 3 per cent in September, and declined 9 per cent over the year.

“It’s very encouraging to see stock levels across the market continue to reduce," said Groves. 

"If this trend continues, we should see a better balance between supply and demand of stock start to emerge,” said Groves.

Gearing up for spring sales to peak in November

“Historically, sales transactions tend to slow at the start of spring due to a mixture of school holidays, public holidays, and the AFL footy finals," said Groves. 

"Activity generally starts to ramp up as the warmer weather hits in October, with the peak traditionally occurring in November," said Groves.

Joondalup South sales jumped 24 per cent in September

The REIWA data revealed several sub-markets in Perth that performed better than the overall average.

“Joondalup South was the top performing sub-market in September for sales activity, recording a 24 per cent lift over the month, followed closely by Kwinana with a 21 per cent increase in transactions," said Groves. The Belmont and the Western Suburbs sub-markets  saw sales rise 8 per cent, said Groves.

Kalamunda was Perth’s top rental sub-market in September, recording a 7.9 per cent increase.

Click here to view the reiwa.com's data on the Perth property market.

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