Half of all home sales in Perth were below $500,000: REIWA

Forty-nine per cent of dwelling sales in Perth occurred below $500,000 in February, according to the latest reiwa.com data.

REIWA President Damian Collins said while CoreLogic’s Home Value Index showed prices in Perth had declined 1.5 per cent to $438,952 in February, reiwa.com data shows the composition of sales during the month favoured the lower end of the market.

Mr Collins said almost half of all transactions occurred below $500,000 in February, "which is a trend we’ve observed for the last three months."

"When we take a closer look, 32 per cent of sales last month were between $350,000 and $500,000, while 17 per cent were below $349,000."

“Traditionally, when there is a greater proportion of activity occurring below $500,000, this indicates first home buyers are on the move,” he added.

Perth’s top selling suburbs in February were Baldivis, Morley, Willetton, Canning Vale and Dianella.

A four bedroom Baldivis house has been recently sold for $430,000 (pictured below).

Situated at 50 Tribute Vista, the family home comes with four bedrooms, over 235sqm of living space, enclosed theatre room and kitchen with big island bench. 

It's located close to primary schools, parks, shops and transport options.

Another $485,000 sale at Baldivis was a four bedroom display home with a reduced price of $485,000 (pictured below).

Located at 1 Morwell Loop, the house consists of four bedrooms, large open living and dining areas, separate formal lounge or home theatre, and manicured gardens.

Other features include quality tiles, high ceilings, glass sliding doors in the living area, and double garage with remote door. 

Reiwa.com data shows there were 13 suburbs that saw sales activity increase in February; Karrinyup, Bayswater, Hamilton Hill, Sorrento, Aveley, Waikiki, Tapping, Morley, Ocean Reef, Mullaloo, Yangebup, Rockingham and Greenfields.

Duncraig, Willetton, Palmyra, Doubleview and Padbury, Woodvale, Scarborough, Ocean Reef, North Perth and Sorrento were the 10 fastest selling suburbs in February, all recording average selling times below the Perth average of 76 days.

A three bedroom Palmyra cottage was sold for $505,000 in February (pictured below).

Sitting on a elevated block, the cottage at 107 Cleopatra Street comes with three bedrooms, large formal living room, kitchen with original Warren No.1 cooker, and large private rear alfresco. 

The post war cottage has the original features including timber boards, high ceilings and Jarrah trimmings. 

Another three bedroom house at Padbury with extensive inland view has been recently sold for $475,000 (pictured below).

Located at 30 Kennedy Way, it comprises of three bedrooms, spacious living and dining room, modern ktichen with dishwasher, game room and pool.

It's only 5 minutes stroll to Whitfords Shopping Centre, and close to schools, parks and transport.

“Seven of these fastest selling suburbs have median house prices above $600,000, which indicates buyers are needing to act quickly in Perth’s trade-up and luxury markets to ensure they secure the property,” Mr Collins said.

Perth rental market

There were 37 suburbs in Perth that saw their median rent price increase during the month.

The five suburbs to record the biggest increase in median rent (percentage wise) were Cottesloe, Shenton Park, Kingsley, East Fremantle and Redcliffe.

Mr Collins said while Perth’s overall median rent price continued to hold at $350 per week, it was encouraging to see a substantial portion of suburbs start to see positive price movement.

“Perth’s overall median rent has been stable for an unprecedented amount of time. With an increasing number of suburbs starting to see rents increase, it’s only a matter of time before the Perth median rent follows suit, which will be a welcome development for landlords,” he stated.

75 suburbs recorded an increase in leasing activity, with Bull Creek, Queens Park, Parkwood, Wilson and Willetton seeing the most growth in February.

Mr Collins said, “on an annual basis, leasing activity in the overall Perth market is up six per cent compared to last February."

"As we head into March, which is traditionally one of the busiest months of the year for the rental market, we should see tenant activity continue to build, creating more competition in the market and putting upward pressure on rents,” he concluded.