Perth house and apartment prices remained steady in March, according to the latest data from the REIWA, but the top end of the market is outperforming.

Both the house and apartment sectors of the Perth market are holding up well, says REIWA president Hayden Groves.

"The house market has stabilised," Lee Riddell of M Residential told WILLIAMS MEDIA.

The luxury home market above the $1.5 million mark is particularly strong, he said.

The apartment market isn't as strong, he said. "I wish," Riddell noted.

There is a perception in the market that Perth property has bottomed

"The market perception is the market has bottomed out and there'll be no more discounting," said Riddell.

"We're seeing a lot of upsizing and downsizing."

Riddell said volumes are up, particularly at the top end of the market in South Perth, and good quality homes that are appropriately priced are selling within three or four weeks.

There's not a lot of turnover in the market below $1 million, Riddell observed.

WA economy looking stronger

Riddell said there is a sense that the Western Australian economy is picking up. "A lot of  my clients are mining company CEOs," he said, "and they're saying that the next three years are going to be good, and that will have a knock on effect to property."

Perth median house price up 0.5 per cent to $517,650

Perth’s median house price increased 0.5 per cent to $517,650 in March, while the median unit price remain unchanged at $407,000.

“It’s pleasing that both house and unit prices are strengthening at the same time because it suggests one sector of the market hasn’t started to recover at the expense of the other," said Groves.

The median price for apartments has now been steady for three months in a row, said Groves.

The top performing sub-markets for median house price growth in March were:

• South Perth/Victoria Park,
• Fremantle,
• Belmont,
• Vincent/Stirling SE, and
• the Western Suburbs.

Click here to view the Luxury List profile for 10 Waverley Street, South Perth - one of Perth's top performing suburbs.

In the apartment market, the best performing suburbs were: 

• Joondalup South,
• Cockburn,
• Stirling West,
• Bassendean/Bayswater, and
• Stirling East.

Source: REIWA.

Confidence returning to the Perth market

“Buyer confidence in Perth is increasing,” said Groves.

Listings for sale are also growing, according to the REIWA data.

“Optimism among sellers appears to be returning with reiwa.com data for March showing listings for sale increased three per cent over the month," said Groves.

“Consumer sentiment in WA is currently the highest it’s been since mid-2013, when we were at the height of the resources boom.

"Sellers are feeling more confident as market conditions have picked up and subsequently more motivated to list their property for sale," he said.

Read more about WA real estate:

The seven Perth suburbs selling more now than during the 2014 boom

Perth's top suburbs in 2017: North Fremantle, Applecross, and Dalkeith

Karratha leads property price gains in regional WA, outpacing Perth: REIWA