September 10, 2014

Perth market steady in August, but sales slump…

Current data from the Real Estate Institute of Western Australia released on 29th August, 2014, show no movement in Perth’s median house price for August.

REIWA president David Airey said the metropolitan median price was steady at $540,000 but that sales turnover had slumped. ‘Turnover for houses is down by almost 25% for the three months to August, however there is always a seasonal dip in sales during the winter months and this tends to pick up as we head into Spring weather,’ Mr Airey said.

There were 1,734 reported sales in the month of August, down by 6 per cent on July. Sales were weakest through cities of Stirling, Fremantle, Vincent and Kwinana along with the western suburbs. Mr Airey said low consumer confidence was impacting on the market. “The number of properties on the market is up by 1 per cent for the month of August, now sitting at 10,049 listings,” Mr Airey said.

Increased listings were strongest through the cities of Bayswater and Bassendean, up by 54 properties to 406, and also through City of Vincent, up by 30 properties to 215. Listings fell most strongly through the northern end of Joondalup, dropping 43 properties to 231.

Mr Airey said the rental market was also showing signs of stabilisation, with no change in the median rent.