The beleaguered Perth property market appears to be in recovery mode, with Perth's, median house price rising 1.9 per cent to $525,000 in the three months to November, according to the latest REIWA data.
The beleaguered Perth property market appears to be in recovery mode, according to the latest data from the REIWA.
Perth’s median house price rose 1.9 per cent to $525,000 in the three months to November, while the median rent for Perth remained steady at $350 per week, where is has held for the last eight months.
"One swallow does not a summer make," cautioned Simon McGrath, of Abel McGrath Claremont, but said he was "cautiously optimistic" about the Perth property market.
"We've been waiting for some good news for a long time, and we've finally got a positive outcome" he said.
McGrath said some positive press about the Perth market, as well as natural human optimism, were moving the market along.
REIWA President Hayden Groves said, “Perth’s median house price has shown resilience over the last few months. We’ve seen the median increase in the three months to November, up a healthy 1.9 per cent when compared to three months ago.
“Similarly, Perth’s median rent has not changed since April, which is the longest streak of stable prices we’ve seen since 2013. After a prolonged period of declining rental prices, these steady results are a welcome change for property investors,” Groves said.
At a sub-market level, reiwa.com data shows Perth City had the biggest increase to its median house price, with a rise of 6.8 per cent during the three months to November.
“Other stand-out sub-markets were Stirling East (up 4.3 per cent), South Perth/Victoria Park (up 3.7 per cent), and Melville (up 3.4 per cent),” Groves said.
In the rental market, the Mundaring sub-market in the North East sub-region was the top performer, with its median rent price increasing $30 to $430 per week during the three months to November.
“It’s encouraging that prices in both the sales and rental markets are steady or improving. While we don’t expect there to be significant price growth in 2018, the stability we’ve observed in the Perth market over the last half of 2017 points to the start of the recovery,” Groves said.
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The worst seems to be over for the Perth property market: REIWA
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