Perth real estate market remains steady
The Perth residential property market appears to be stabilising, with median house prices sitting at $482,000 for the second consecutive quarter.
The latest figures from the Real Estate Institute of Western Australia (REIWA) showed the average cost of a home in the city echoed the June quarter results.
While there was no growth in the house market, sales turnover for units, apartments and villas surged by about three per cent for the quarter.
REIWA president David Airey attributed the growth in the $350,000 and under unit market to a resurgence of first time buyers across the city.
"First home buyer grants for the September quarter were at their highest level since 2009, before the FHOG (First Home Owners Grant) Boost ended, and now account for around 30 per cent of sales," Mr Airey explained.
The growing population and a decrease in the amount of new stock hitting the market has also impacted on the rental property sector, with less properties driving up rent prices and impacting on vacancy rates.
"The vacancy rate remains tight at 1.8 per cent and it seems unlikely to return to a more usual equilibrium of three per cent while our population growth surges," Mr Airey added.