Perth has enjoyed a rise in property prices for the first time in 18 months, prompting REIWA to announce we have hit the bottom of the market.
RP Data CoreLogic’s Home Value Index showed a 0.4 per cent increase in overall property prices in November following consistent falls every month since April 2018.
Real Estate Institute of WA president Damian Collins told The West Australian newspaper that he expected growth would be “slow and patchy next year” but there would be reasonable gains in 2021.
“We are on the slow path to recovery,” Mr Collins said.
Pulse Property Group director Di Addenbrooke said the market data was a very welcome and significant turn of events.
“An improvement in housing affordability and the prospect that interest rates are likely to fall further over the coming months are all factors supporting this lift in local values,” Di said. “It’s great news the housing rebound has finally spread to the West.”
The average days on the market has also improved to 70 days compared to 79 in October. REIWA data shows the metropolitan area’s median price is still $479,000.
Rossmoyne was in WA’s top five suburbs to record the biggest spike in median price for November.
Di said with an annual growth of 20.1 per cent and a median house price of $1.15 million, Rossmoyne remained a lure for homeowners and investors.
“The suburb’s proximity to universities, public transport, the CBD and one of the country’s most sought-after school catchments ensured its reliability as a consistent market leader,” she said. “And there was still a good offering of properties for sale under the median price.”
Riverton, with 4.1 per cent annual growth and an affordable median of $640,000, was also a solid performer.
REIWA also reported signs of improvement in the rental market with house median weekly rent prices rising $5 to $370 per week during November.
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