For the first time in more than 18 months, Perth home prices have increased.
The latest CoreLogic figures show property prices increased by 0.4 of a percentage point in the Western Australia capital last month.
This news brings the city’s property prices in line with the local rental market, which has seen steady leasing and plummeting vacancy rates, REIWA president Damian Collins said.
“With the latest figures from CoreLogic show[ing] the first positive signs of improvements, reiwa.com data is also showing that Perth’s median price has stabilised, holding at $479,000,” Mr Collins said.
“Stock for sale has dropped significantly over this time last year, and we are starting to see demand exceeding supply in some locations.
“Overall, the median sale prices are holding up well in Greater Perth, with one in four suburbs seeing an increase in median price in November.”
Floreat saw the most significant spike, with the median price up by 3.1 per cent to $1.34 million, with the suburbs of Wembley, Willetton, Clarkson and Spearwood closely trailing.
Reiwa.com data also saw the average number of days a property is on the market fall from 79 in October to 70 days last month.
“We are optimistic that we have reached the bottom of the market overall; however, to be certain we would want to see a return to consistent growth,” Mr Collins said.
Reiwa.com figures also highlight strengthen in the rental market, with the average weekly house rent in Perth up by $5 last month to $370 per week.
“Reiwa.com data also found that one in four suburbs had an increase in median weekly rent, with Cottesloe increasing significantly by $13 to $863 per week,” Mr Collins said.
“With the vacancy rate currently sitting at a low 2.4 per cent and listings for rent are 16 per cent lower than a year ago, we can hopefully expect to see rent prices continue to increase.
“Leasing activity has declined in November; however, this is a trend we usually see as we near the end of the year, and as sale activity traditionally picks back up in the first few months of the year, we should continue to see the rental market remain on an upward trend.”