REIWA advised trend for the week ending 2nd February 2016, reported sales increased 36% to 723 sales this week, as sales continue to trend up following the Christmas and New Year dip.
This week’s increase can be attributed to a 34% increase in house sales, as 35% increase in unit sales and a 49% lift in land sales.
In line with the increase in sales, the total number of properties listed for sale this week declined 1% to 14,782, from 14,997 last week
Listings for houses and units have both seen a 1% decrease, while land listings dropped off 3%. Despite this, listings remain 3% higher than four weeks ago and 15% higher than the same time last year.
Turning to the rental market, and REIWA members reported a 1% decline in the total number of properties available for rent over the week, with the figure dropping from 10, 104 last week to 10,042 this week.
This figure is 2% higher than four weeks ago and 58% higher than the same time last year.
Overall the Perth Property market is showing signs of stabilising with the latest REIWA research showing that the median house price increased to $540,000 for the quarter ending 31st December 2015.
Suburb Snapshot – Highgate
Highgate is an inner city suburb 2km north of the Perth CBD with a population of just under 2000 people. Highgate boasts a charming mix of heritage/art deco influenced real estate set within a vibrant entertaining percent with a wide range of restaurants and coffee/gift Shops.
Beaufort Street is the hub of Highgate, with pubs, wine bars, shops, restaurants and cafes. In 2015 median house price was $985,000 and was a top performing suburb with a 2015 growth in price 11.6% and opposed to the overall Perth metro region which showed -1.8%.