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Published on April 2nd, 2013

Perth sees increase in prices, activity and turnover

According to new information released by the Real Estate Institute of Western Australia (REIWA), the median house price in Perth has increased due to higher levels of sales activity in higher priced houses.

The median house price has risen to a record level of $510,000, and has seen a two per cent rise from the December 2012 quarter.

The number of houses sold in the $600,000 to $700,000, and between the $800,000 to $1 million price brackets had grown, pushing up the median house prices for the city.

"Our preliminary data for the March quarter show that while the proportion of sales under $500,000 has fallen there was a marked increase in sales between $500,000 and $1 million," said REIWA president David Airey.

"The $600,000 to $700,000 range was the most dominant price point above the median during this period and is a healthy illustration of consumer confidence through trade-up activity."

The higher rates of turnover for this quarter are a positive sign for those wishing to sell residential real estate in the near future, as it means there are good levels of buyer activity in the city.

It is especially good news for those selling real estate in the inner suburbs, as suburbs located closer to the CBD saw high levels of buyer activity and turnover. This included Bayswater, Belmont. South Perth, Victoria Park and Bassendean.

An indication of increased investor activity has also been seen, due to the number of villas, units and apartments being purchased in the inner suburbs.

"These areas are all over the general median price and as such contributed to the overall lift in the market median," said Mr Airey.

Houses in the lower price bracket of $400,000 – $500,000 also saw modest growth, which REIWA attributes to the strong presence of first home buyer activity, with the median purchase price for first home buyers being $425,000.

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