February Steady but Sales Down, Stock on the Rise

Perth experienced a pick-up in house sales during February, but its overall volume of turnover was down on the same time last year according to the Real Estate Institute of Western Australia.
REIWA President David Airey said turnover was down by around 16 per cent to 1,870 reported sales last month and the median house price had dropped by almost one per cent or $5000.
“Given that sales were down by 15 per cent in January and now by a similar figure in February, it’s clear that the market is showing a trend of slow-down that is apparent even at a time when seasonal summer sales are usually stronger,” Mr Airey said.
The reiwa.com data puts Perth’s median house price at $547,000. Listings increased by 4 per cent to 13,456 properties.
The rental market showed no sign of change in February, apart from the City of Belmont where median rents lifted by $20 to $450 per week.
“In general, however, Perth’s median rent is unchanged at $440 per week and shows a vacancy rate at just over 4 per cent,” Mr Airey said.
There were 6,251 rental homes looking for tenants in February, up by almost 30 per cent on the same time last year.
• The Top 5 suburbs for sales in February
Northwest metropolitan:
Quinns Rocks, Woodvale, Duncraig, Clarkson, Butler.
Northeast metropolitan
Ellenbrook, Ballajura, Forrestfield, Lesmurdie, High Wycombe.
Central metropolitan
Willetton, Balga, Morley, Dianella, Karrinyup.
Southwest metropolitan
Baldivis, Secret Harbour, Waikiki, Rockingham, Warnbro.
Southeast metropolitan
Canning Vale, Armadale, Thornlie, Kelmscott, Byford.