Posted on Sunday, September 18th, 2011 in by Matt Garmony
REIWA research has indicated the Perth residential property market has fallen for the 6th consecutive quarter, declining a further 2% since June 2011 where the median house price was $477,000. REIWA indicated its member listings have also fallen in the last 3 months from 17,400 properties on the market for sale at the end of June 2011 to approximately 15,000, with little movement in transaction turnover. “Sellers are simply taking their properties off the market, rather than stock being diminished by sales.” This continued fall in the median house price could be contributed to the increase in First Home Buyer activity, who now represent 25% of the Perth market. One positive indicator is the residential vacancy rate has fallen to a reported 3.1% with a slight increase in the median weekly rental.
In our opinion, unless the is a major positive economic event occurs, like a reduction in interest rates by the Reserve Bank of Australia (RBA), the Perth property market may continue to fall. If you are looking to buy or sell a property, why not get one of our licensed valuers to carry out a sworn valuation to determine the current market value by an independent expert.