Perth’s median house price has hit a record $535,000 while the rental market remains in favour of tenants.
Real Estate Institute of WA (REIWA) president David Airey says sales turnover lifted during October and November, following a slump in September, and surpassing the June peak of $525,000.
“The quarterly median for the three months to November was up by almost four per cent and due mainly to the composition of sales during this period after strong first-homebuyer activity pulled the median house price down to $510,000 in the September quarter,” he said.
“While first-homebuyer activity is still very evident, there was a solid increase in sales within a 10km radius of the CBD and a softening of activity in outer areas, particularly along the coastal sub-regions north and south of the city.
“This shift in sales composition towards more expensive properties selling pulled the median upwards.”
Data also showed that in some coastal sub regions – such as parts of Wanneroo, Joondalup and Rockingham – there was a slight weakening of sales in November, but it was accompanied by a drop in listings, Mr Airey said.
The number of properties on the market overall continues to recover from below average levels over the past year to reach a peak for this year of 8656 dwellings and 1199 land lots for sale.
Mr Airey said the rental market was still in favour of tenants, with the number of available rentals growing and median rents coming down again.
The median rent in the metropolitan area dropped by just over two per cent over the past three months to $460 – house rents at $470 a week, and units and apartments at $450 a week.
Vacancy remains above average at about 3.2 per cent.