This article is from the Australian Property Journal archive
PERTH’s median house price dipped 0.2% in the December quarter to finish the year at $530,000, down 5% when compared to the same period in 2014, according to the REIWA.
REIWA president Hayden Groves said the data reflects the seasonal influences of the Christmas and New Year period in the three months to December.
“It’s not uncommon to see a fluctuation in the market at this time of year as it is typically a quieter time in WA real estate. Properties come off the market over the holidays and sales tend to drop off. We get a much clearer picture of how the market is travelling when comparing the data to the December 2014 quarter,” Groves said.
however on an annual basis for the year to December 2015 Perth’s median house price held firm dipping just 1.8%,” Groves said.
On the other hand, the median price for units increased by 1.2% to $435,000, but is down 2.2% on the December 2014.
Groves said further analysis of the data showed that 35% of all house sales in the Perth metro area occurred in the $360,000 to $500,000 price range.
Sales volumes in the $500,000 to $750,000 price range made up 32% of total sales volumes.
Listings for sale dropped 3.8% to 14,551 in the quarter, following a peak of 16,969 in November.
Sales volumes are currently sitting at 5,909, down from 9,176 in the September 2015 quarter. Meanwhile average selling days in the Perth metro area came down to 59 days, three days less than in the September quarter, but still 13 days more than in the December 2014 quarter.
Australian Property Journal
