Residential property market in Perth 'returns to normal'
Perth's residential property market has returned to the levels it last experienced in 1998, according to data from the Real Estate Institute of Western Australia (REIWA).
After several years of an unstable market, a 14 per cent turnover in the March quarter has helped to level out the property sector.
REIWA president David Airey believes the median house price would likely lift by up to $10,000 with late settlements.
"It seems we have a new record for Perth's median house price of $510,000, but it's important to note that this is due largely to the composition of sales in which a greater volume of more expensive homes were being purchased," he said.
Data released from the Australian Bureau of Statistics showed that Perth was the fastest growing of all capital cities, with its population up 3.6 per cent in 2011-12.
Mr Airey also added that residential real estate activity drops off through winter, "so it will be interesting to see how sales and prices progress through to June. I suspect it will be steady and confident but with a softening around rents in some areas".