Perth market remains steady

Perth market remains steady

Posted on Friday, August 29 2014 at 4:30 PM

Perth’s median house price remains steady for the month of August according to data from the Real Estate Institute of Western Australia (REIWA).

president David Airey says sales turnover has slumped but metropolitan prices
showed no movement, remaining at $540,000.

“Turnover for houses is down by almost 25 per
cent for the three months to August, however there’s always a seasonal dip in
sales during the winter months and this tends to pick up as we head into spring
weather,” he says.

Sales were weakest through the cities of Stirling,
Fremantle, Vincent, Kwinana and the western suburbs. Low consumer confidence has
had an impact on the market according to Airey.

“The number of properties on the market is up by
one per cent for the month of August,” he says.

increased the strongest through the cities of Bayswater, Bassendean, and the City of Vincent. Listings through the northern end
of Joondalup fell most strongly.

rental market shows signs of stabilisation, says Airey, with no change in the
median rent.

“This is steady at $450 per week despite the
high vacancy rate of 4.2 per cent in the three months to August,” he says.

The number of rental listings is up by 47 per
cent on the same time last year, with 5903 properties currently on the market.

“While these listings came down a little for the
month of August, they had increased through June and July by around 10 per
cent. Many of these new rentals were through Joondalup, Wanneroo, Armadale and
Cockburn,” Airey says.


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