Perth sales turnover bounces back in February

Sales turnover in metropolitan Perth bounced back in February after a seasonal dip during the Christmas and New Year holiday period.

Data from the Real Estate Institute of Western Australia show that in the three months to February, sales returned to the same level being experienced in the three months to November last year, before the break.

Market turnover was healthy and that the median house price was unchanged at $545,000.

The market is humming along at a normal pace and REIWA members are reporting that there is plenty of work to keep them busy.

There was a fall away of sales activity in the central sub-region, that is, broadly within 10 kilometres of the CBD and including Fremantle, while in the north-west sub-region there was a lift in turnover through the cities of Wanneroo and Joondalup.

In the last week of February REIWA reported that listings for houses, units and land all increased to a total of 9,200 properties on the market.

This is about 3,000 properties fewer than average, but the market is balanced between supply and demand so it’s nothing to be concerned about.

Also at the end of February, REIWA reported that the metropolitan vacancy rate had lifted to 3.8 per cent, the highest level in four years. Rental stock is just under 5,000 properties.

Results for the March quarter due in a few week’s time would give a better picture of the Perth housing market for the start of the year.

January is always a quiet period, but we’ll have much more sales data to analyse in a month’s time.

This article was originally posted on reiwa.com