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Perth property market stabilising – June quarter data
The latest preliminary data revealed that the Perth property market stabilised in the June quarter, with key market indicators showing little change in the three-month period.
While conditions remain soft, REIWA President Hayden Groves said that there are positive indications that the market is finally beginning to settle. He also added that “although no one can accurately ascertain the future of the property market, the signs are there that we have finally found, or are very close to finding the ‘floor’ of the market.”
The early data shows that Perth’s median house price is at $500,000 in the three months to June 2017. While it is a slightly below the previous March quarter, which was at $515,500, Mr Groves said that the final June median house price is expected to almost be the same as the March quarter once all data are in.
The preliminary median unit price for June quarter is at $412,000; only 1.8% down compared to the March quarter median unit price. Referring to the June quarter data, Mr Groves said “that once all sales have settled, this quarter’s median unit price should come in higher than the last quarter.
The same data showed that there were 4,000 dwelling sales in June quarter in the Perth metro area. The sales activity is expected to increase to 6,100 and be on par with the previous quarter once all sales have been settled.
A decrease was seen on listings for sale in the June quarter (14,076) compared to the previous quarter (14,841). Mr Groves said that the decline was likely the result of steadily improving sales transactions.
The average selling days in Perth remains steady (it was one day faster to sell a house in June quarter than March quarter). Mr Groves referred to this as “another example of the stable conditions that appear to be prevailing.”
The proportion of vendors who had to provide a discount to their asking price reduced marginally to 54.8%. “We also saw a minor shift in the amount sellers were having to reduce by, which lifted to 6.6% from 6.4% in the March quarter,” said Mr Groves.
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