This article is from the Australian Property Journal archive
PERTH’S house and unit prices were steady in March as confidence in the market continues to pick up.
The latest data from REIWA showed median house prices rose by 0.5% to $517,650 over the month, and the median unit price was unchanged at $407,000.
“Buyer confidence in Perth is increasing and based on where we are seeing the biggest improvements in price growth, so is demand for multi-residential dwellings in medium to high-density areas,” REIWA president Hayden Groves said.
He said optimism among sellers appeared to be returning, with listings for sale up by 3% over the month.
“Consumer sentiment in WA is currently the highest it’s been since mid-2013 when we were at the height of the resources boom. Sellers are feeling more confident as market conditions have picked up and subsequently more motivated to list their property for sale,” he added.
The latest numbers from SQM Research have Perth’s listings increasing by 7.1% through March to 27,261, while house asking prices were up 0.7% and and unit prices by 0.3%.
“It’s pleasing that both house and unit prices are strengthening at the same time because it suggests one sector of the market hasn’t started to recover at the expense of the other,” Groves said. “Unit prices in Perth are following the same trends we have observed in house prices, with March being the third month in a row the unit median has remained stable.”
Australian Property Journal
