Sales activity on the rise in Perth

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Mar 9, 2017

Sales activity on the rise in Perth

Sales volumes rose 8 per cent in the month of February, but the median house prices was down 1.3 per cent, according to the latest data from the REIWA.

Image by alexandersr via Pixabay

Sales activity in the Perth market increased in February, with the latest REIWA data showing volumes rose 8 per cent compared with January.

REIWA president, Hayden Groves, said it was pleasing to see activity pick up after the traditional lull of the Christmas and New Year period.

“It’s good to see buyers returning to the market after the festive season," he said.

Canning Vale was Perth’s top selling suburb for house sales in February, followed by Duncraig, and Ellenbrook.

Listing volumes

The number of listings for sale in Perth rose 2 per cent in February.

“It’s not unusual to see listings increase in the first couple of months of the year after the Christmas and New Year period," said Groves.

Despite the uptick in activity, “the number of properties for sale in February this year is actually two per cent lower than [in] February 2016", said Groves, "which indicates stock levels have peaked for the time being.”

Median prices

Perth’s median house price slipped 1.3 per cent in the three months to February, touching $518,000.

Despite stronger levels of activity, "more transactions [were] occurring in the lower end of the market,” said Groves.

Perth rental market

Perth leasing activity declined in February, but was up 5 per cent in the three months to February.

Perth’s overall median rent was stable in the three months to February at $360 per week.

“In terms of houses and units, this broke down to $375 per week for houses and $340 per week for units,” said Groves.

“Tenants remain the beneficiary of Perth’s rental market, however investors should be encouraged that prices have held up well over the last three months and activity has increased.”

The reiwa.com data shows the total number of rental listings in Perth declined by 1 per cent over the month.

Groves said rental listings are now 12 per cent lower than they were in November 2016.

“The fact rental stock is no longer increasing at the frequency it once was is an encouraging sign. It suggests levels have peaked and are now stabilising,” Groves said.