Published on August 13th, 2012
REIWA: House prices stable in the west
House prices have remained stable over the last 12 months and sales turnovers are up 25 per cent, according to figures from the Real Estate Institute of Western Australia (REIWA).
REIWA president David Airey described the current market conditions as "steady-as-she-goes" and signalled to sellers that there were still plenty of opportunities open to those who were ready to negotiate.
"Buyers now have much more confidence to enter the market and with low interest rates, a growing population and positive growth over the last six months, they are more inclined to make the move they have been holding off from over the last two years," he said.
REIWA figures for the three months to June show that turnover has improved dramatically since this time last year, with roughly 11,700 sales taking place in the quarter.
There were also indications that the market may be swinging in favour of sellers after it was found that house and unit sales are up five per cent over the quarter and 15 per cent in year-on-year results.
Multi-residential sales are also showing strong signs of improvement rising by an estimated five per cent.
However, the REIWA believes that it will take some time for these figures to reach their pre-GFC high.
Anyone keeping their eye on the local property market will have noticed gains in Perth where sales are trending upwards.
The median house price in the area is now sitting on $475,000 and a slight reduction in the number of listings during midseason auctions means that the market conditions are starting to favour sellers, as buyers are forced to compete for sought-after real estate locations.
Statewide dwelling sales rose by one per cent in June, which was in line with national growth figures.