Median prices in Perth were stable during the March quarter, according to the Real Estate Institute of Western Australia (REIWA).
The data showed that there was no further decline in the median prices of dwellings and dwellings during the March quarter. Instead, the median price of Perth housing rose 0.6% to $ 500,000 over this period.
"On an annual basis, the median price of dwellings in Perth is stable, with no changes between the quarters of March 2018 and 2019, which is positive," said REIWA President Damian Collins. .
Perth's median unit price is also stable at $ 380,000 during the quarter.
While general housing market conditions in WA are moderate, 37% of Perth's suburbs experienced steady or median growth in real estate prices.
Falcon, Karrinyup, Mullaloo, Roleystone and Heathridge recorded the most notable increases in the median price of real estate. Rockingham, Scarborough, South Perth and Como led the growth in median unit value.
"The March quarter results suggest that median property prices in Perth are at or near the bottom of the market. The field information provided by our members suggests that the middle and upper segments of the market are evolving quite well, pointing out that some suburbs in this part of the market may be in the early stages of recovery. Although many low-end suburbs still seem in difficulty, there are some excellent opportunities to secure your dream home or investment property at a competitive price, "Collins said.
On the other hand, Perth sales declined both on a quarterly basis and on an annual basis. Reiwa.com data indicates that 6,636 properties were sold during the March quarter.
"With the impending federal election, it is not surprising that volumes have not been picked up yet. Elections are an uncertain period and usually have an impact on real estate markets. The changing housing market conditions on the east coast have also likely affected the activity of buyers in Perth. The declining housing markets of Sydney and Melbourne have been the focus of attention, which would affect the sentiment of Washington buyers. "Said Collins.
However, 10% of suburbs show stable or increasing volumes. Yanchep, Manning, Mullaloo, Sorrento and Aveley recorded the most notable increase in sales.
Of all the homes purchased in the Australian capital during the March quarter, reiwa.com data indicates that 70% is sold for less than $ 600,000.
"This represents an increase from 64% in December 2018, indicating that affordability continues to improve in Perth, providing excellent opportunities for the former. home buyers, repeat buyers, falling home buyers, gearboxes and investors, "said Collins.
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