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Published on May 6th, 2013

Perth median house prices increase

Median house prices for residential property in Perth have increased over the March quarter, according to the Real Estate Institute of Western Australia (REIWA).

The median price has now reached $510,000 for houses and $425,000 for units and apartments.

Turnover for the state has also been positive over the quarter, lifting by 14 per cent. This increase in sales would have been helping to push up median house prices, with more expensive sales driving growth up further.

"It seems we have a new record for Perth's median house price of $510,000, but it's important to note that this is due largely to the composition of sales in which a greater volume of more expensive homes were being purchased," said REIWA president David Airey.

A surge in property sales has pushed median prices up by $5,000, and this figure is expected to increase to $10,000 after late settlements have been processed.

"The number of selling days has hardly moved and now sits at an average of 57, but the good news is that old stock which has been lingering on the market for a while is finally starting to shift," said Mr Airey.

The REIWA reported that there were around 13,200 property sales throughout the quarter, demonstrating an increase of 12 per cent from the same time in the previous year.

This is showing that there has been some improvement in the residential real estate market for the state, which has been suffering after "three years of volatility".

There were many suburbs that reported increases in sales turnover for the quarter, with top performers being Esperance at 50 per cent, Mandurah-Murray at 40 per cent, and Kalgoorlie-Boulder at 13 per cent.

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