Friday, April 17, 2009

Perth houses start going up $8,000 in Mar qtr

The next six months will be a critical time for the state's housing market which showed 2 per cent growth in the median value of homes in the March quarter. 

Preliminary figures released today by the Real Estate Institute of WA show the median home value in Perth jumped by $8,000 to reach $427,000. 

First home buyers in the state accounted for 40 per cent of all market activity during the quarter. The more affordable parts of Perth saw mixed results during the quarter with the Armadale-Serpentine median price dropping 2.6 per cent and Rockingham-Kwinana falling by 1.4 per cent. However, Gosnells grew by 3 per cent while the north-west region of Wanneroo jumped by 3.6 per cent.

"The overall sales volume was up 40 per cent in the quarter, back to a level similar to September 2006, just as the housing boom was starting to subside," Mr Druitt said. 

"Increased sales activity was experienced across the whole market, however the more affordable price band of
$300,000 to $500,000 dominated turnover and provided 57 per cent of all sales."

In the rental market, rents in Perth stabilised during the quarter while softer demand lowered the vacancy rate by 0.6 per cent to 3 per cent. 

The median rent for units is $350 per week while for houses it is $370 per week. 

- Extracts taken from WA Business News  

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