The trend in dwelling sales activity in Perth recorded in Reiwa’s weekly Real Facts across the first three months of 2016 suggests sales increased during the month of January, stabilised in February, with volatility in sales seen during March.
However, using real-time data from reiwa.com along with preliminary Landgate data, a better assessment of sales for the March 2016 quarter is available. House sales are projected to have fallen by approximately 5 per cent in the latest quarter. This brings activity around 24 per cent below the 10 year average and circa 39 per cent off the March 2013 cyclical peak.
The median house price is also projected to decline around 4 per cent from $540,000 for the December 2015 quarter to $520,000 for the latest quarter ending March 2016. On the other hand, multi-residential sales are projected to have remained at similar levels seen at the end of the previous quarter whilst median prices have remained stable at $435,000.
Member Real Facts
This week, Reiwa members reported a decrease in weekly sales to 495. The overall 30 per cent decrease in sales over the week is attributed to a 32 per cent decrease in sales for houses, 26 per cent for units and 20 per cent for land.
It is timely to note that the decline in sales over the week may be attributed to the Anzac Day public holiday.
Total properties listed for sale remained unchanged in percentage terms from a week ago.
Listings for houses have seen a 1 per cent increase, while land listings have fallen 2 per cent. Listings for units remained unchanged in percentage terms. The total number of listings recorded this week is 1 per cent lower compared with four weeks ago but 7 per cent higher than the same time last year.
Turning to the rental market, Reiwa members reported total properties available for rent remained unchanged in percentage terms at 10,127. However, this is 5 per cent higher than levels seen four weeks ago and 43 per cent higher than the same time last year.
