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Low stock pushes Perth prices upward

Low stock pushes Perth prices upward

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Staff Reporter

A report that property values in Perth fell in April was at odds with what real estate agents had reported, the president of the Real Estate Institute of Western Australia (REIWA) said.

“RP Data’s April report on the Perth Market dropping 2.6 per cent, suggesting sales numbers are down, does not reflect what REIWA member agents are reporting,” David Airey, president of the REIWA, told Real Estate Business.

“Agents are reporting that April was a buoyant month for sales and activity in all sectors and all prices ranges.”

REIWA members provide sales data through reiwa.com, which Mr Airey claimed covers around 80 per cent of agents in Western Australia.

“Listing stock fell to a low point of 7,800 listings at one stage … the stock shortage has put upward pressure on prices, creating strong buyer activity and multiple offers being received on competitively priced homes in popular locations,” Mr Airey said.

RP Data’s director of research, Tim Lawless, said the national drop in house prices after a strong first quarter is nothing to be worried about.

“We weren’t expecting that the high rate of growth evidenced over the first three months of the year would be sustained into April," he said. "A more measured pace of growth is a much more realistic outcome for the Australian housing market, especially considering that the first quarter is typically the strongest for value growth.”

According to RP Data, Sydney values were down 0.4 per cent over the month, Melbourne values saw a 0.5 per cent drop, Brisbane values were down 0.7 per cent and Perth values recorded a 2.5 per cent fall.

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Low stock pushes Perth prices upward
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