Median price on the way up
Preliminary data from the Real Estate Institute of WA confirm what many people already suspect, that Perth property prices may be on the way up.
The metropolitan median price has increased by 3.2% this year to $480,000, but is still below the June 2010 peak of $505,000.
REIWA president David Airey said the market was showing signs of normalising and that the industry was heartened by a 20% jump in sales over the past 12 months.
“There is no question that the market has bottomed out,” Mr Airey said.
“People who were looking to pick the bottom have missed it.”
There has been a recent drop in the number of homes on the market, from 12,000 at the end of June to below 11,500. And the average time on the market has also fallen from 79 days to 73 days in the June quarter.