Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Perth market predicted to downturn further in 2015

By Staff Reporter
05 November 2014 | 1 minute read

The president of the Real Estate Institute of Western Australia (REIWA) has warned the prognosis for the Perth property market is pointing to a further downturn in 2015.

Advertisement
Advertisement

REIWA president David Airey said while the median price has lifted a fraction, sales turnover for houses has dropped to its lowest level in two years, listings for sale are trending quickly upwards and rents are falling.

“On a more positive note, turnover for units, apartments and villas saw a seven per cent increase in sales activity, although early Landgate data suggests a 3.3 per cent fall in the median price for this type of stock, to around $435,000,” he said.

Sales turnover for Perth houses is now 12 per cent below average and properties for sale reached 10,372 listings in the September quarter.

The softening in sales has seen the number of days on market stretch by two to 59, while the number of vendors dropping the asking price grew from 48 to 51 per cent.

Where that happened, the average variance was a price reduction of 5.3 per cent.

The REIWA data also showed a small increase in turnover among some price ranges below the median, suggesting a shift in first home buyer preferences.

Figures from the Office of State Revenue show a big drop in the median purchase price for first home buyers, down from $456,500 in July to $432,000 in September.

“This is good news for first home buyers on one hand, but it also shows they are becoming harder to find in the established home market,” Mr Airey said. 

Perth market predicted to downturn further in 2015
perth
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.