Perth house prices have risen for the second straight month, according to new data from the Real Estate Institute of Western Australia, which released its monthly figures today ahead of market analyst CoreLogic.
Perth house prices have risen for the second straight month, according to new data from the Real Estate Institute of Western Australia, which released its monthly figures today ahead of market analyst CoreLogic.
The November data shows a 1.6 per cent uptick in the median house price to $518,000 and follows a 1 per cent rise in October.
The Reiwa data, which has been released on the last day of the month, differs from CoreLogic in that its median house price is based on actual sales, while CoreLogic aims to capture the entire property market.
CoreLogic typically releases its data on the first working day of the month.
Reiwa president Damian Collins said the numbers indicated improvement in the local market.
“Perth’s median house price has been fairly flat throughout 2018, so it’s pleasing to see two consecutive months of median price growth as we head into the New Year,” he said.
“reiwa.com analysis shows there was a shift in the composition of sales in November, with a greater proportion of transactions occurring above $1 million than there were in October.
“This has contributed to the increase we’ve seen in Perth’s median house price this month.”
The top selling suburbs in November were Willetton, Baldivis, Canning Vale, Duncraig and Ellenbrook, while reiwa.com data reveals Quinns Rock, Willetton, Doubleview, Leeming and Wellard had the biggest improvement in sales volumes.
“While overall sales activity in the Perth metro region remains subdued, numerous suburbs bucked this trend during November to record notable improvements in sales,” Mr Collins said.
“Listings for sale were five per cent higher at the end of November than they were at the end of October.
“It’s not unusual to observe increases in listing stock at this time of year.
“Sellers are returning to the market following the lull of the winter period and wanting to get in quick before the holiday season ramps up.
“With listing stock rising, buyers have a good supply of choice available to them, making it a very good time to buy.”
Perth’s overall median rent price continues to hold at $350 per week, however reiwa.com data shows there was a small $5 increase to the median unit rent price in November.
Reiwa released forecasts last week predicting that Perth house prices and sales volumes are unlikely to improve significantly next year but rental rates could increase.
CoreLogic data has shown house prices falling in eight months so far this year.
