Perth median house price rises to new peak of $510,000: REIWA
Perth's median house price reached a record high of $510,000 in the March quarter, according to data by the Real Estate Institute of Western Australian (REIWA).
The previous peak was $505,000 in the March quarter of 2010.
This is a 2% increase on the median price from the December quarter.
Homes selling for $600,000 to $700,000 and those between $800,000 and $1 million represented around 20% of all sales during the quarter.
“Our preliminary data for the March quarter show that while the proportion of sales under $500,000 has fallen, there was a marked increase in sales between $500,000 and $1 million,” says REIWA president David Airey.
“The $600,000 to $700,000 range was the most dominant price point above the median during this period and a healthy illustration of consumer confidence through trade-up activity,” says Airey.
The $400,000 to $450,000 price point represented 12% of all sales for the first quarter, according to the REIWA.
“Sales in this price range are turning over very quickly and the office of state revenue reports that in February the median purchase price for first home buyers was $425,000,” says Airey.
Flats, units, apartments and villas recorded a 10% rise in sales during the March quarter.
Suburbs closer to the CBD experienced stronger sales during the quarter including the suburbs of Bayswater, Belmont, Bassendean, South Perth, Victoria Park and the coastal strip in the City of Stirling.
“These areas are all over the general median price and as such contributed to the overall lift in the market median,” says Airey.
Increased sales activity was also recorded in the more traditional first homebuyer areas, including the southeast corridor in the cities of Gosnells and Armdale.
Land sales were up 10% over the quarter and the volume of land for sale remained stable.
“The March quarter results show a buoyant market returning to more normal conditions on the back of solid population growth and a strong state economy,” says Airey.