Median price increases for Perth over November
Now could be the perfect time to considering selling your property in Perth, with the latest data from the Real Estate Institute of Western Australia (REIWA) highlighting the growth of the city's residential market over the last few months.
The sales turnover in Perth grew during October and November, increasing from $525,000 during the June quarter up to between $530,000 - $535,000 for the three months ending November.
REIWA President David Airey said it was encouraging to see the big rise in sales during the September quarter for the Western Australian capital city.
"The quarterly median for the three months to November was up by almost 4 per cent and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter," said Mr Airey in a December 2 statement.
Mr Airey said the sales composition for the region over the last few months has been affected by a general shift towards people purchasing more expensive properties across the city. In turn, this has pulled the median price for the region upwards.
He went on to say that while first home buyers were still present in the market, their role has been reduced in favour of more sales in the 10 kilometre radius around Perth's central business district.
However, the rental market in Perth has also been growing in strength, which could be great news for anyone interested in residential investment - as well as providing accommodation for those unable to purchase their own property.
The availability of rental properties, as well as the relative level of affordability, could be the silver lining for the Perth real estate market at the moment.
"The median rent in the metropolitan area has dropped by just over 2 per cent over the last three months to $460 across the board. This now breaks down to typical rents for houses coming in at around $470 per week and for units and apartments at around $450 per week," said Mr Airey.
For example, the REIWA data for rentals highlighted a 2 per cent increase in rental listings this week alone (November 25), with 4,419 properties currently up on the market. Furthermore, the vacancy rate is sitting well above the average, sitting at around 3.2 per cent across the city.