Market Report: WA real estate update, September 2018

Perth property prices strengthened during the June 2018 quarter, with reiwa.com data showing the city’s median house and unit price increased. 

Reiwa.com data indicated Perth’s median house price would settle at around $520,000 for the June 2018 quarter, which was up 1% compared to the March 2018 quarter and 2% compared to the June 2017 quarter. In addition, Perth’s median unit price is expected to lift by 4.9% to $419,500 for the June 2018 quarter, which is 2.3% higher than the same time last year. 

Tim Chant, Principal of Raine & Horne Cannington said there had been a surge in enquiries through the internet for properties in Cannington, Southern River and Victoria Park.

Cannington is less than 15 kilometres south of the Perth CBD and Tim commented that more positive commentary from the media is contributing to Perth’s rebounding market. “There’s a lot of good news about the return to form of WA’s mining sector, and how this will positively influence the jobs market in Perth. More jobs are always good news for real estate values and yields.

“If the banks would relax the lending criteria for investment properties, then we’d definitely see the Cannington and broader Perth markets move ahead a little quicker.”

Affordability is another significant driver, according to Tim. “There is decent bang for buck in inner southern Perth, which illustrated by a magnificent family home at 10 Codrington Street, Southern River, which is selling for $650,000.”