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Five year high for sales

Housing sales are reported to have hit a five year high, with related increases in the value of properties, according to the Real Estate Institute of Western Australia.

The latest survey by REIWA has revealed that sales in the established housing market during April 1999 was the highest since early 1994.

REIWA president Neville Fox said this upturn is still considerably short of the highs in sales achieved in 1994.

There were 3,950 established homes sold in April, which is 21 per cent up on the same time last year.

The median selling price of established houses in Perth during April was $147,500, which is 4.5 per cent up on the previous year.

“A feature of the present market is that many of Perth’s outer suburbs are also experiencing stronger sales markets, along with the inner suburbs.

“Our latest suburban survey has also found that property values rose in 83 per cent of Perth’s suburbs during 1999.

“Home buyer confidence is high as a result of favourable home loan affordability and the surprising strength of the general economy.”

He said that many inner suburban agencies are reporting shortages of properties to sell and the time taken to sell properties is also shorter.

In April, the average selling time for residential properties was 41 days, which is one day less than in March.

Mr Fox said the housing market has finally settled into a sustained period of higher sales leading up to a likely peak in the present housing cycle sometime this year or early next year.

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