Perth House Prices Stable in Early 2015
Perth house prices remain steady in 2015
The price of homes in Perth remains steady in the first months of 2015, despite negative economic sentiment from some commentators and sectors of the media.
According to REIWA, the median house price in Perth is at $547,000 for the three months to May 2015.
The areas of Perth doing best for sales were the western suburbs of the city, as well as over the river in areas like the City of Melville.
Turnover was up 60 per cent on April in the western suburbs, the City of Melville was up 52 per cent, and South Perth, Victoria Park were up 40% and suburbs in the City of Cockburn up around 40% as well.
The data indicates strong demand for new homes and property in established areas closer to the city, as well as newer areas serviced by good transport, school and business infastructure. Areas developers and investors should consider when making long-term plays in Perth’s growing property market.
The growth in prices in Cockburn reflect the significant investment in new infrastructure in the area, including new developments like the new Cockburn Coast development (set to see huge growth and demand in the coming years), shopping centres, schools and road and commuter rail infrastructure in the Cockburn area.
Rents on average fell again in early 2015, as more stock came online, particularly in the outer, newer areas of Perth.
While Perth house prices overall were steady, rents in more established older suburbs remained steady and in some cases increases, rents for new areas around Kwinana and Cockburn fell due to many detached homes without tenants.
“The biggest jump in rental listings at 11 per cent, was recorded through Perth’s southwest region incorporating Cockburn, Kwinana and Rockingham,” said REIWA.
Related article: Reasons to be optimistic about the Perth Economy.