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Third month of positive news for Perth’s property market

Posted 6/2/20

Perth’s housing market is showing further signs of recovery after CoreLogic’s home value index has increased or remained stable for a third consecutive month, with January recording a 0.1 per cent increase. 

REIWA President Damian Collins said it is pleasing to see prices stabilise or increase for three months in a row. In addition, prices have also risen 0.6 per cent since bottoming in October 2019. 

Median sale price

“Breaking it down into houses and units, reiwa.com data shows that the median sale price remains at $480,000 and $375,000 respectively for January,” Mr Collins said.

“reiwa.com data showed there was a shift in composition of sales in January compared to the previous year. A greater proportion of transactions (approximately 30 per cent of all sales) occurred below $350,000 which could suggest that first home buyers are making the most of the lower interest rates.”

Sales activity 

Overall Perth sales activity and listings for sale both remained stable in January, yet one in three suburbs bucked this trend to record notable improvements in sales.

“The top suburbs by sales activity growth include Leeming, Dianella, Woodvale, Ellenbrook and Secret Harbour, while Halls Head, Canning Vale, Baldivis, Secret Harbour and Dianella had the highest number of sales for the month,” Mr Collins said.

“Feedback from REIWA agents on the ground is fairly positive, with good quality stock being snapped up quicker, and the amount sellers are discounting reducing to 6.4 per cent. This is a positive sign for the median sale price and if this continues, we should start seeing a gradual increase in prices in the coming months.”

Author: REIWA

Source: reiwa.com.au

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Bailey Devine Real Estate

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