The Real Estate Institute of West Australia (REIWA) reported that as of December, the median house price at Perth has stabilized at $510,000. The reports of REIWA also inferred that while the price had not suffered a drastic change from what it was in the month of November, there has been a hike of 2.6% since September. Experts view this as a good sign to say the least. It is observed that the median sale price of houses is being held up successfully in Greater Perth, and that is a good indication since the market transitions imply at a recovery.
Other experts and studies have reported that property values fell by 1% last month. According to them, the Perth market is still uneven. However, it does not befuddle market watchers because the stringent lending restrictions have made it tough for the buyers to secure finance. This may cool the market a little and keep prices at stable levels, bringing in more buyers over the long haul.
As per the listings, November saw more property sales than December by a staggering 9 %. Trigg, Hilbert, Gwelup, Parkwood and south Fremantle were among the biggest names to score a huge drop in listing stocks, percentage wise. Listing values had risen during spring, but December saw a more subdued listing stock scenario. It was predictable since the vendors are usually not too enthusiastic to pursue their business dealings during the Christmas or holiday break.
The downward sloping trend of the listing price of the stock market was tracked during December. The slope read a steep 6% to 6,865 during this time. Every year the listings steadily decline by 27%. Since March 2013, Perth has experienced the lowest vacancy rate of 2.9% and this is because of the steady reduction in listings, normative rent prices and stable leasing volumes. Meanwhile, Perth’s overall median rent price was steady. It usually amounted to 350 US dollars per week in the month of December.
Taking into account that the overall median had reached a stasis, when the rent prices were zeroed in on just the houses, it was seen that Perth’s median house rate was increasing drastically. There are attractive returns on offer for realty buyers and investors in Perth as a result and this should keep the market ticking in 2019. Usually the initial months of a fiscal year are the busiest, when it comes to any form of leasing activity. By the very many research done upon this by various market experts, it’s safe to claim that there will be a steady increase in rental rates throughout the year. This should attract several investors towards putting their money into high yielding properties and will drive higher sales as far as the Perth real estate market is concerned.