Oliver Searles - Perth Real Estate Agent

Perth Property market update for 2nd May 2012 has just been released by REIWA.

Sales declined slightly this week to 774. The number of properties on the market declined to 13,669 the lowest figure in a long term indicating that the market is showing signs of recovery.

According to recent data released by REIWA sales in the Perth property market have reached its highest level since March 2010. The median house price has remained constant during the last quarter indicating the return to a more balanced Perth property market.

N.B No REIWA Real Facts for this week due to ANZAC Day.

2011 saw the Perth property market experience the lowest level of property sales in 20 years since the 1991 recession. Sales were down 6% to an estimated 37,800. Sales turnover has now been at this reduced level for the past 4 years making me wonder if this will be the new sales volume level long term if it will slowly climb back to its long term average.

Below are some statstics from the latest REIWA figures released about the Perth property market. For information on a specific suburb free to email me.

Median House Price $450,000 -6.3% from last quarter, -8.2% from last year

House Sales 7,600

Land Sales 2,700 -22.9% from last quarter

First Home Owner Grants 3,554 +4.7% from last quarter

Average Days on the Market 79 days

Rental Vacancy Rate 2.8% (was 3.4% last quarter)

Median Weekly Rent $395 +3.9% from last quarter

892 first home buyers received the First Home Owner Grant last month, the number since the Government scrapped the First Hombuyers Boost in December 2009.  This upturn may be an early recovery sign given that most first homebuyers are purchasing a property from a seller looking to trade up, which in turn simulates the entire market. The figure is still 15% below the 11 year average however so improvement is still needed.

The median entry house price for first homebuyers is $410,000. According to REIWA the top areas for first homebuyer activity is Baldivis, Canning Vale, Ellenbrook, Banksia Grove and Piara Waters.