Source: REIWA Communications
The Real Estate Institute of Western Australia’s has published their market data for the May quarter indicating the Perth Metropolitan median house price has dipped to $548,000, a fall of 0.7 per cent since the March quarter earlier this year.
REIWA data shows that sales activity has rebounded by 18 per cent in May, growing after a weaker market in April.
For May, early indications are that stronger sales activity was recorded in the north east region of Perth through the City of Swan and Shire of Kalamunda, while Gosnells, in the south east region, also performed well.
REIWA President, David Airey states “The number of properties on the market is trending back strongly towards Perth’s long term average, up by 16 per cent in the three months to May and putting 10,665 properties up for sale.
“This is a reflection of a range of factors, but most notable is weak interest from investors and much slower activity from first home buyers. Together this is adding to stock,” Mr Airey said.
First home buyer activity has been slow since August last year, impacting the rise in listings trend the Perth market has been witnessing. Unlike trade-up buyers who exchange a home for another, first home buyers remove stock from the market, which helps to explain the slowdown.
At large, the Perth rental market remains unchanged with a small rise in the number of available properties and the median rent staying the same.
“There are now almost 5,400 rental homes across the metropolitan area available for lease and typically these rent for $440 per week for a unit or villa and closer to $460 per week for a house,” Mr Airey said.
Perth’s rental vacancy rate continues to hover around 4 per cent.