Prices up, volumes down in WA

Prices up, volumes down in WA

Posted on Monday, February 09 2015 at 4:24 PM

Data released by the Real Estate Institute of Western Australia (REIWA) indicates a steadying state market.

being a superstar of Australian property for many years, the December quarter
2014 statistics show the WA market continues to consolidate.

to REIWA, Perth house price lifted marginally during the quarter to settle at a
median of $553,000.

Airey, president of REIWA, says Perth has shown positive price gains over the
past 12 months as well.

looks like Perth will have experienced growth of around 4.6 per cent when
compared to 2013.”

volumes are, however, down which continues a trend initiated in March 2013.

for the December quarter is about 14 per cent below the 15-year average.

distribution of sales within various price ranges was pretty steady, although
there was greater activity in the more affordable $400,000 to $450,000 range,
as well as some increased sales with homes over $1 million.”

found the increase in sales with more expensive properties was more notable
through the western suburbs, the coastal edge of the City of Stirling and the
City of Melville.

most of the outer areas popular with first homebuyers saw a decline in
activity, Kwinana and Serpentine-Jarrahdale were exceptions.

fact, Kwinana saw a notional six per cent lift in median house price, probably
due to the increased number of sales from brand new stock.”

Airey says the slowdown in the mining and resources sector was causing the
population growth rate to fall.

situation is likely to affect the housing market for all of 2015, but we should
have a clearer picture of trends by the end of the March

Article source: