While median house prices in Western Australia remained stable in the September quarter, sales volumes dipped, according to the Real Estate Institute of Western Australia (REIWA).
REIWA president David Airey said that turnover had been declining, with the sales volume dipping by around four per cent.
“Turnover is still around 25 per cent higher than the same time last year, but the trend over the last few months shows this to be slowing," he said.
“It might be a seasonal dip given that the winter months are sluggish, or it might be part a longer pattern we need to monitor,” Mr Airey said.
“Interestingly, sales turnover for units, apartments and villas grew by around three per cent in the September quarter, but with no movement in the median price in the multi-residential segment of the market,” Mr Airey said.
The data from REIWA show that Perth’s median house price remained stable, currently sitting at $482,000.
Mr Airey said there was growth in the market for units valued under $350,000, and this was probably a reflection of the very strong first home buyer activity.
“First home buyer grants for the September quarter were at their highest level since 2009, before the FHOG Boost ended, and now account for around 30 per cent of sales,” Mr Airey said.
The number of properties on the market fell 14 per cent during the quarter to just 10,400 listings, well below a more usual 12,000 properties.
With the stock of listings falling and Perth’s population growing, the impact on the rental market continues to show in price pressure and vacancy rates.
“Rents continue to rise with REIWA reporting the overall median reaching $450 per week in the three months to August, where it plateaued during the September quarter.
“The vacancy rate remains tight at 1.8 per cent and it seems unlikely to return to a more usual equilibrium of three per cent while our population growth surges,” Mr Airey said.