Perth property prices could tick higher this spring: REIWA

via therealestateconversation.com.au

With spring expected to draw an influx of buyers, and amid tight supply of properties for sale, Perth property prices could rise in the coming months, says Hayden Groves, president of the REIWA.

The Perth property market is showing positive signs as we head into spring and summer,” says Hayden Groves, president of the REIWA.

New data from the REIWA shows Perth’s median house price and median rent held steady in the three months to August 2017.

The median house price remained consistent at $515,000, and the overall median rent was stable at $350 – the fourth consecutive month rents have held steady.

REIWA President Hayden Groves said the results are “encouraging”.

“The stable medians are good news and indicate that sellers’ and landlords’ expectations are matching those of buyers and tenants,” said Groves.

Property listings down 10 per cent for the quarter

The reiwa.com.au data shows listings for sale eased one per cent lower in August, and are down 10 per cent compared with three months ago.

Groves said prices could rise in spring, when it’s likely demand will pick up.

“Traditionally in spring, there tends to be a lift in sales activity,” he said.

“There is potential for the median house price to increase in the coming months as we see more demand for housing and increased competition from buyers,” said Groves.

In the rental market, stock is down 10 per cent, and leasing activity is up 8 per cent

In the residential rental market, reiwa.com data shows stock levels declined by six per cent to 10,046 properties in August, and leasing activity rose by eight per cent.

“The boost in leasing activity is pleasing to see and has contributed to the declining trend in listings levels,” said Groves.

“Rental stock gets absorbed due to the demand from tenants,” he said.