‘Choppy’ first quarter in WA

There were a number of ups and downs in the first quarter of the year according to REIWA, with March performing slightly below expectations.

President of the Real Estate Institute of Western Australia (REIWA) David Airey said Perth’s median house price was up marginally from $546,000 in the December quarter to around $550,000 in March.

“There was little change in overall sales turnover for the quarter, down by only two per cent. However, it’s noteworthy that the March quarter was down by about six per cent on the same period last year,” he said.

Mr Airey said it had been a "choppy" quarter for sales but there had been a steady decline in recent weeks as the number of properties for sale lifted.

“Sales were patchy across Perth with some areas such as Fremantle, Rockingham and northern Joondalup experiencing a lift in sales.

“Overall listings, however, continue to rise and are now at their highest level since December 2012,” Mr Airey said.

First home buyer activity also continued to soften and has been contributing to rising stock levels since August last year.

“The first home buyer slowdown helps explain the rise in listings because, unlike trade-up buyers who exchange one home for another, first home buyers remove stock from the market,” Mr Airey said.

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