Perth has seen median home prices increasing by approximately 1.6% to stand at $518, 000 as per reports. Experts have stated that this is the second consecutive month where prices have gone up in Perth, the capital of Western Australia. The median home price has been relatively unchanged throughout the year 2018 and hence two months of successive growth make for an extremely positive trend to say the least as per experts.
There were a higher number of transactions with prices above $1 million last month as compared to October 2018 as shown by reports. This has contributed majorly to the rise in median home prices across Perth’s housing market. Sales volumes went up considerably in the suburbs of Baldivis, Willetton, Duncraig, Canning Vale and Ellenbrook while sales volumes have also improved considerably in the areas of Doubleview, Willetton, Quinns Rock, Wellard and Leeming.
The Perth Metro area had sales volumes as normal although other suburbs saw rapid growth over 2018. The number of new listings increased by 5% as per reports with more sellers coming back to the Perth housing market prior to the onset of the holiday season. Buyers will also have more supply to choose from going forward. The median rental price in Perth has also attained stability of $350 per week over the last month and unit rentals have gone up by roughly 5%.
The overall median and median house rent remained stable overall although median unit rents touched $330 per week last month. The top suburbs for rental activity were Kelmscott, Bedford, Coolbellup, Kardinya, Harrisdale, East Perth, South Perth, Scarborough and Baldivis. The rent listings attained greater stability for November 2018 although they are 25% lower than November 2017 as per reports. With a recovery in the rental market, overall realty markets are witnessing substantial growth in Perth.
