Source: REIWA Communications
The Real Estate Institute of Western Australia’s market data has shown that the median house price was up marginally from $546,000 in the December quarter to around $550,000 in March.
There was little change in overall sales turnover for the quarter, down by only 2 per cent, however, it’s noteworthy that the March quarter was down by about 6 per cent on the same period last year.
Last week REIWA reported listings for houses, units and land had all risen with some 10,067 properties on the market.
That’s a rise of 861 properties from a month ago and almost 1,600 from a year ago.
For several quarters the number of listings hovered around 8,500 properties but now seem to be trending back to a more usual 12,000.
The biggest jump in listings was experienced through parts of the cities of Joondalup and Wanneroo which saw 28 per cent more stock up for sale.
First home buyer activity also continued to soften and has been a trend since August last year.
The first home buyer slow down helps explain the rise in listings because, unlike trade-up buyers who exchange one home for another, first home buyers remove stock from the market.
The REIWA data also show the rental system easing with the vacancy rate for the 3 months to February lifting to 4.1 per cent, the highest level in four years when it reached 4.3 per cent in the winter of 2010.
Perth currently has around 5,000 rental properties on the market, up by 56 per cent on the same time last year.