Real Estate WA - Western Australia

Real Estate WA - Western Australia

New figures from the Real Estate Institute of Australia (REIA) show Perth’s median house price rose strongly over the December quarter, up from $253,000 to $267,000.

Reflecting the recent house price growth, the average size of a new home loan increased 2.2 per cent to $174,910. The median weekly family income, meanwhile, increased 2.5 per cent to $1,109, causing the proportion of family income devoted to meeting loan repayments to fall slightly from 25.5 per cent to 25.3 per cent.

The latest REIA/AMP Home Loan Affordability report also shows a healthy proportion of first home buyers who now account for 18.4 per cent of all new home loans. This compares favourably to the national average of 16.6 per cent.

Latest figures form the Real Estate Institute of Western Australia suggest that a shortage of homes for sale has created a sellers’ market - a development likely to underpin price growth at least in the short term.

Said REIWA president Greg Rossen: “Affordable properties are selling very quickly and this is contributing to shortages in stock of property for sale, particularly in the investment and first home buyer market.

1. Perth Real estate - Recent Trends
2. Perth Better Performing Suburbs