13/08/2009 - 00:00

Market rebound under way: UDIA

13/08/2009 - 00:00

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Market rebound under way: UDIA

FIGURES released this week indicate Perth's property market is on the rebound, with an 18 per cent increase recorded in the number of land sales this year.

Statistics from the Urban Development Institute of Australia found there were 5,512 lots sold in the 2008-2009 financial year, compared with 4,658 in the previous 12 months.

In a statement, UDIA chief executive Debra Goostrey said the increase in lot sales was a clear sign the property market was in recovery mode.

"Our figures show that 2007 and 2008 were very slow years, culminating in the lowest sales ever recorded in September 2008," she said.

"Since September 2008 we have seen healthy increases in sales with the first home owners grant boost and low interest rates positively influencing the property market.

"This has led to an overall increase in sales this financial year."

Ms Goostrey said prices had also increased slightly this quarter, which represented a positive shift in the market.

"Prices in the June 2009 quarter increased 2 per cent to $221,573, compared with the March quarter average price of $217,253," she said.

"This shows stability."

The cities of Wanneroo and Rockingham were the sales leaders, with 440 lots sold at an average price of $211,954 in Wanneroo, and 362 lots sold at an average of $192,795 in Rockingham.

"Wanneroo and Rockingham have plenty of land on the market at very reasonable prices," Ms Goostrey said.

"These two areas have weathered the property market downturn and have continued to post positive sales activity."

Other areas of high activity were the cities of Swan, Armadale and Cockburn, with 296, 229 and 139 lots sold, respectively.

Dan Wilkie

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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