Perth Property Prices Stabilise Despite Lower Sales Volume

The latest reiwa data shows that Perth’s property prices have held in April despite sales volume dropping 40 per cent to, 1277 for the month. Reiwa president Damian Collins said pleasingly we have another increase to the Corelogic Hedonic Home Value which is up 0.2 per cent for the month, making it the sixth month in a row to see value increase or stabilise.

With the current median house price sitting at $477,000 it is positive to know that despite the current economic conditions sellers are not being forced to sell or lower their prices to do so. Another positive this month is it’s quicker to sell a house now than it was a year ago.

The full impacts of Covid-19 on the property market are not known at this stage however with listings lowering 5 per cent this demonstrates there is not an influx of people who are trying to sell their homes due to being in financial stress.

During the month we saw weekly sales transactions sitting at a low of less than 300 per week with the exception of the last week which was over 430 transactions. The Perth rental market has remained stable again this month despite the pandemic. For more click here.

Source – Reiwa – 01/05/2020