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Perth's resilient property market has bounced back from its modest slump in June, showing 2.4 per cent growth in price for the September quarter.
Data released today by the Real Estate Institute of Western Australia, is expected to show the current median price of $450,000 for the June quarter climbed to around $460,000, up by about $10,000 and marginally below the $465,000 median reached in the March quarter.
REIWA President Rob Druitt said the modest 3.2 per cent retraction in price during the June quarter was an understandable market correction and had been skewed by a greater number of cheaper homes bought by first home buyers.
"As REIWA has said consistently, provided the underlying economic fundamentals of the resources sector remain strong, population will continue to grow and the demand for housing will grow along with it.
"However, it must be pointed out that the market is still patchy and the rise in prices is not uniform. It is important therefore for sellers to ensure their home is priced correctly for a quick sale.
"The stamp duty relief for first home buyers has boosted sales at the lower end of the market, while there continues to be strong demand by other buyers for well located homes near the city, beach, river and close to shops, schools, the trains and freeway access," Mr Druitt said.
Mr Druitt said buyer interest was clearly picking up at weekend home opens, with finer weather and more market certainty prompting many potential homebuyers back out into looking for homes.
"There is renewed interest in the Perth property market now that people feel prices won't dip any further. Many people have been waiting to see when prices might bottom out, and it seems that's now happened.
"With price growth having bounced back to a normal level for WA, we anticipate this modest growth in prices will continue through to the New Year, although the Federal election might stall some buyer interest during the campaign period," Mr Druitt said.
REGIONS
REIWA data is also showing that the median price in Bunbury rebounded by 3 per cent in the September quarter after falling for the past two quarters, while REIWA's industry intelligence suggests prices have fallen by 3 per cent in Geraldton and 2 per cent in Mandurah with this city recording its second quarter of price correction.
STOCK & SELLING DAYS
For metropolitan Perth the stock of listings has climbed to 13,600 homes for sale, up 3 per cent on the June quarter and by 55 per cent on September last year.
With the increase in houses for sale, the period of selling days has stretched out as well. It now typically takes 68 days to sell a property once it is on the market, up by around 3 days from the June quarter.
RENTS & VACANCY RATES
Perth's overall median rent increased by 3.4 per cent for the September quarter, rising by $10 per week to $300 per week.
REIWA President Rob Druitt said the rise was attributed entirely to an increase in multi-residential rents (flats, units and apartments), with the median increasing by 3.7 per cent to $290 per week for this section of the market, while the median rent for houses remained static at $300 per week.
Perth's rental vacancy rate continued its upward trend during the September quarter reaching a preliminary figure of 3.4 per cent, up from 2.1 per cent in the June quarter.
"Interestingly, while the vacancy rate has grown and there are many more places available to rent now, we are still witnessing price pressures in the rental market, particularly for well located properties and from interstate families needing homes in the suburbs as they move here for work," Mr Druitt said.
All of REIWA's preliminary data is derived at by sales and rental figures fed to it directly by member agents and captures in excess of 70 per cent of the total market.
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