Perth’s property market has been showing encouraging signs for homebuyers and property investors heading into 2018, with improvements across the board in December.
According to REIWA*, December quarter data demonstrated improvements in median prices, sales activity, listing levels and average selling days.
With quarter sales up from September 2017, REIWA President Hayden Groves said that the market appeared to be entering a recovery phase.
He added that price levels year to year were consistent and that “on an annual basis, the market remains very stable”.
While the September quarter traditionally outperforms the final quarter of the year, this was not the case in 2017. There was a shift to increased property sales over $700,000, contributing to increased median prices at the end of the year.
800 fewer properties in Perth were listed in the final quarter of 2017 than in 2016 and Mr Groves said that this steady decline, together with improvements in sales activity, has helped to restore net demand.
Listings were also moving faster, selling an average of 10 days faster than the previous quarter.