According to a report in The Australian, Perth is in the midst of a resurgence of activity in the top end of the market.
PERTH is a city with increased optimism about the resources industry and is following the general trend across the country with residential buyers upgrading to higher price brackets.
New data from the Real Estate Institute of Western Australia shows a continued swing away from first-home buyer activity towards a stronger trade-up market.
REIWA deputy president David Airey said in a statement in mid-January that while first-home buyers had remained strong, Perth’s median house price had held up and was increasing due to renewed activity by trade-up buyers.
“REIWA data shows that for the last six months it was sales of homes valued at between $500,000 and $600,000 which dominated the market.
“But for the December quarter alone we saw sales in the $600,000 to $750,000 range jump significantly from about 10 per cent in September to just over 14 per cent in December,” Mr Airey said.
The renewed market activity has seen days on market drop from 64 to 54.
Despite this optimism the West still lags most of the nation in growth. According to RP Data year-to-date growth in Perth is the second lowest of all the capital cities at just 6.5%.
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