Perth median house price at record high

Perth median house price at record high

Posted on Tuesday, April 02 2013 at 2:39 PM

Investors who have bought in Perth recently have every reason to be on a high, with prices in the Western Australian city on the rise.

March quarter data by the Real Estate Institute of Western
Australia (REIWA) shows Perth’s median house price has reached a new record of

The previous peak was $505,000 in the March quarter of 2010.

REIWA president David Airey says there has been a two per
cent increase on the median price from the December quarter, which had been
driven by a lift in turnover and more sales activity above the median price.

“Our preliminary data for the March quarter shows that while
the proportion of sales under $500,000 has fallen, there was a marked increase
in sales between $500,000 and $1 million,” Airey says.

“The $600,000 to $700,000 range was the most dominant price
point above the median during this period and is a healthy illustration of
consumer confidence through trade-up activity.”

Flats, units, apartments and villas are more common in the
central part of Perth and indicate a 10 per cent rise in sales during the
quarter, suggesting an upturn with investor activity given that around half of
all multi-residential property is tenanted.

Suburbs closer to the CBD also saw stronger sales activity
during the quarter including within the cities of Bayswater, Belmont,
Bassendean, South Perth, Victoria Park and the coastal strip in the City of

“These areas are all over the general median price and as
such contributed to the overall lift in the market median,” Airey says.

“The March quarter results show a buoyant market returning
to more normal conditions on the back of solid population growth and a strong
state economy.”

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