THE median house price in Perth has risen by 3.5 per cent, or $15,000, in the June quarter as owners traded up to more expensive homes, while the rental market's vacancy rate is now higher than normal, new data shows.
THE median house price in Perth has risen by 3.5 per cent, or $15,000, in the June quarter as owners traded up to more expensive homes, while the rental market's vacancy rate is now higher than normal, new data shows.
Preliminary figures from the Real Estate Institute of WA shows the city's median house price has risen from $430,000 recorded in the March quarter to $445,000.
REIWA president Rob Druitt said the median price had recovered nearly all of its fall in the second half of calendar 2008, with the current price just under the $448,000 figure recorded in the last year's June quarter.
"It may well be the case that the preliminary median of $445,000 is exceeded once all settled sales data is received over the next few months," he said, adding that the growth trend in the residential market was being aided by a return of the trade-up buyers.
"Much of the recovery in the median house price over the last six months can be attributed to increasing trade-up activity, and this is reflected in the distribution of sales tending towards more expensive properties."
During the quarter, there were several stronger performing and more expensive areas that contributed to the overall median price increase, specifically the western suburbs which were up by 12 per cent, while Melville and Joondalup North increased by around 5 per cent.
The mid-range price areas such as Bayswater, Bassendean, Belmont and Stirling East were up about 4 per cent.
The active, more affordable end of the market was mixed, with Armadale/Serpentine up around 4 per cent, Gosnells down 4 per cent, Swan dipping 1 per cent and Wanneroo South up 2 per cent.
The median prices in the Rockingham/Kwinana area and the remainder of Wanneroo remained flat.
During the June quarter, the total number of properties on the market dropped to 12,800, including 2,100 blocks of land.
The figure is a 15 per cent drop compared to the March quarter and a 26 per cent fall compared to the previous corresponding period.
Mr Druitt said the market should move back into a "state of equilibrium" between supply and demand during the September quarter.
The average number of days properties spent on the market fell by seven to 70 days in the June quarter, with notable declines including Belmont, Stirling East and Wanneroo.
The latest REIWA figures cap off a week of housing data with real estate group Ray White announcing property sales in WA had increased by 23 per cent in June.
Figures from the Australian Bureau of Statistics showed that total number of owner-occupier finance commitments in WA increased slightly in May to 7,310, slightly up from the previous month's 7,237.
