“Median prices provide a good indication of market trends, however it is important to take a closer look at how individual sectors are holding up. For example, although overall sales are down in Greater Perth, reiwa.com data shows activity in the $800,000 plus price range has strengthened,” Mr Collins said.
There were fewer properties for sale in December than November, with reiwa.com data showing listings for sale declined nine per cent during the month. The five Perth suburbs to record the biggest reduction in listing stock (percentage wise) during December were Trigg, Hilbert, Gwelup, Parkwood and South Fremantle.
Listing stock in Perth’s rental market continued to plummet in December, declining a further six per cent to 6,865.
“This significant reduction in listings, combined with stable rent prices and healthy leasing volumes, has pushed the Perth vacancy rate to 2.9 per cent, the lowest level Perth has experienced since March 2013.” Perth’s overall median rent price remained at $350 per week in December 2018.
“While the overall median was stable, when we isolate rent prices to just houses, Perth’s median house rent increased $8 to $360 per week in December, which is very encouraging,” Mr Collins said.
“Traditionally the first few months of the year are a busy time for leasing activity. If the rental market remains on its current upward trajectory, we should see rent prices increase throughout the year, which should entice investors back into the market.”