Early signs Perth is on the way up
Perth’s median house price grew by around 3% in the December quarter, according to preliminary figures by the Real Estate Institute of Western Australia (REIWA).
It grew from $480,000 in the September quarter to $495,000 by December, a period that also saw sales activity grow by 4%.
While a higher median price could indicate that property values are increasing, it could also be distorted by strong activity at the more expensive end of the market.
“We have recorded more activity in the $600,000 to $700,000 range, as well as with homes over $800,000,” says REIWA president, David Airey.
In another positive sign for the market, only 55% of sellers discounted their price to achieve a sale in the December quarter compared to 60% in the September quarter.
“Now that buyers have more confidence and sellers are meeting the market with better pricing, the number of selling days has dropped from 71 to 62 for the quarter and this figure has been trending down for a while,” says Mr Airey.