Statistics confirm Perth downturn
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Statistics confirm Perth downturn
Posted on Wednesday, October 07 2015 at 11:23 AM
The latest statistics on Perth confirm the property market is softening.
Figures released
by the Real Estate Institute of Western Australia (REIWA) reveal the city’s
median house price fell by 2.7 per cent in the September quarter 2015 to reach $535,000.
There’s been a 14
per cent fall in sales turnover on the back of listings rising by nine per cent
for the quarter.
That means
listing numbers are now up 44 per cent on last year’s result.
Hayden Groves,
president of REIWA, says he’s not surprised by the figures.
“Currently we have almost 15,000 listings on the Perth market, which is
up by about 3,000 on what we would consider normal.”
Only a handful of areas saw an increase in turnover for the quarter,
including Fremantle, Gosnells, Cockburn and Armadale.
The slowdown continued into the rental market, with vacancy rates rising
to 5.4 per cent.
Groves says this reflects the fact that there are nearly 50 per cent
more rental properties compared to the same time last year.
“As a consequence, the overall median rent has dropped to $410 per week
across Perth, and is now typically around $420 for a house and $395 for a unit,
apartment or villa,” he explains.
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