Perth house prices rise in June quarter
After increasing in both the December and March quarters, the median house price in Perth has risen once again in the June quarter, according to figures from the Real Estate Institute of Western Australia (REIWA). The overall market median lifted 2 per cent in the June quarter to $525,000.
The number of listings on the market remained fairly constant throughout the June quarter, pretty much flat-lining between 8,500 and 8,800. This is well below what is considered to be a balanced market. Subsequently, Average Selling Days fell to 50, down 8 from the March quarter figure.
With the recent gains, the median house price has now increased 14 per cent since the trough of September 2011.
Preliminary data released by REIWA shows the median may fall slightly for the 3 months to July. However, this is contrast to RP Data-Rismark figures which show home values in Perth rose 4.4 per cent in the three months to July, taking total gains in the past 12 months to 8.3 per cent.