Perth median house price at all time high: REIWA

Jennifer DukeDecember 7, 2020

Perth’s median house price has now hit an all time record according to Real Estate Institute of Western Australia (REIWA) statistics.  

With the November quarter’s median price sitting at $530,000 to $535,000, up from previously recorded $525,000 for the June quarter, it has hit a new high for the city.  

REIWA president, David Airey, said that the reason for the big rise was the slump in turnover from the September quarter and the return to more normal conditions.  

“The quarterly median for the three months to November was up by almost 4% and due mainly to the composition of sales during this period after strong first home buyer activity pulled the median house price down to $510,000 in the September quarter,” said Airey.  

“While first home buyer activity is still very evident, there was a solid increase in sales within a 10km radius of the CBD and a softening of activity in outer areas, particularly along the coastal sub-regions north and south of the city.” 

This caused an alteration in the composition of sales towards the more expensive properties, bringing the median up in further evidence first home buyers are steering clear of certain parts of the market.  

Weakening sales activity in Wanneroo, Joonadlup and Rockingham was noticed through November month, however it was a modest retraction of up to 3% on October.  

“It is more likely that first home activity in areas away from the coastal strip has been the focus of buyers in more recent times,” Airey said.  

The rental market, however continues to turn in favour of tenants with rental numbers increasing and median rents dropping again.  

“The median rent in the metropolitan area has dropped by just over 2% over the last three months to $460 across the board. This now breaks down to typical rents for houses coming in at around $470 per week and for units and apartments at around $450 per week,” he said.  

The vacancy rate sits at around 3.2%.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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