Perth suburbs bucking the trend in low house sales

Contact

Jul 4, 2018

Perth suburbs bucking the trend in low house sales

While Perth house sales declined last month, 31 suburbs bucked the trend to record more sales in June than they did in May, according to data from the Real Estate Institute of Western Australia (REIWA).

Photo by Fadzai Saungweme on Unsplash

The Perth CBD skyline

The five best performing suburbs were Duncraig, Mosman Park, Waikiki, Dayton and Palmyra, with each recording significant improvements in the number of houses sold between May and June.

Eight suburbs also saw sales volumes stabilise over the month.

“While house sales activity in Perth decreased in June this is not unexpected with the onset of winter, but our analysis also shows a substantial number of suburbs saw sales volumes improve during the month," REIWA President, Hayden Groves said.

Source: REIWA

Other suburbs that performed well were Butler, Kelmscott, Tapping, Baldivis and Joondalup, which rounded out the top 10 in terms of sales volumes.

Eight of the top 10 best performing suburbs in June all had median house prices below $550,000, which were traditionally areas with a lot of first home buyer activity.

“Mosman Park was the only million dollar suburb to make the top 10 in June, with sales volumes in the suburb lifting back to normal levels in June after declining in May,” Groves said.

3a and 3b Riverside Drive, Mosman Park in Perth, for sale through Peter Burns at Mack Hall Real Estate as featured on Luxury List. Image by Mack Hall Real Estate.

“Perth continues to present good opportunities for buyers, especially in the more affordable end of the market," he told WILLIAMS MEDIA.

“The latest reiwa.com data suggests suburbs in the $550,000 and below price bracket are seeing healthy activity levels, with first home buyers taking advantage of the conditions to secure their first property before prices inevitably rise again.

“In terms of the overall market, REIWA expects house sales activity to remain moderate in Perth throughout winter, with improvements expected during spring," Groves said.

3a and 3b Riverside Drive, Mosman Park in Perth, for sale through Peter Burns at Mack Hall Real Estate as featured on Luxury List. Image by Mack Hall Real Estate.

Craig Gaspar, an agent at Caporn Young, told WILLIAMS MEDIA the market is strong in Perth.

"Now is an excellent time to buy, it's a lot more positive at the backend of the year. I'd recommend buyers to have a crack," he said.

"At the moment, there's an oversupply of apartments, so there is a lot of choice and you have to be competitive in that market if you're a first home buyer," he said.

View the Perth market snapshot on the Real Estate Institute of Western Australia website.