October sales surge for WA as activity down for the quarter

There was a 9% lift in sales activity in October in Western Australia particularly in the central part of the Perth market, according to the Real Estate Institute of Western Australia.

There was a 15% increase in more expensive near-city sales which pushed the near city median price up by 1.9% to $520,000 for the three months to October.

There was also a 7% lift in listings during the month.

REIWA finds the number of metropolitan sales dropped away by around 6% in the quarter.

“In fact the more affordable north-east and south-east corridors in metropolitan Perth were the only sub-regions to show an increase in activity.

The vacancy rate tightened to 3.1% over the September quarter which REIWA says is above average and as a result the median rent had come down by $5 to around $470 per week.

“This change is more strongly reflected in units and apartments which have dropped $10 to a median of $450 per week,” REIWA boss David Airey says.

“Since the September quarter we have seen a further dip in properties available for lease but more notably a further drop in the median rent to $465 per week”.

Units, apartments and villas fell $4,000 in both the city and the country to $421,000 and $306,000 respectively, but Airey says the broader theme from the quarter was the narrowing of the overall buying range.

“The distribution of house sales in Perth by price range reveals the compressed nature of the market. Some 75% of turnover occurred within the band of $350,000 to $800,000 and which compares to 71% of turnover in the same bracket this time last year,” he said.