Perth’s Housing and Rental Market Steady

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Monday, September 1st, 2014
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Perth’s housing market has remained steady with the median house price and rent showing no movement since the previous month.

Data for August from the Real Estate Institute of WA (REIWA) shows the metropolitan median price remains at $540,000 but sales turnover has slumped by almost 25 per cent over the past three months.

REIWA president David Airey said there was always a seasonal dip in the winter months and sales usually picked up heading into spring.

There were 1734 reported sales in the month of August, down by six per cent on July, while the number of properties on the market was up by one per cent with 10,049 listings.

The cities of Bayswater, Bassendean and Vincent showed the strongest increase in listings.

Mr Airey said the rental market was also showing signs of stabilising with the median rent remaining at $450 per week, despite the high vacancy rate.

Rental listings are up 47 per cent on the same time last year with 5903 properties currently on the market, he said.

Many of the new rentals are through Joondalup, Wanneroo, Armadale and Cockburn.

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