Page 13 - REIWA.com Market Update / June Quarter 2017

PERTH CENTRAL SUB-REGIONA Sver lesagMEDIAN PRICE (PRELIM)MULTI-RESIDENTIALThe multi-residential market in the Central sub-region has performed better than the housing market in terms of sales activity. There were 864 preliminary sales for the June quarter, compared to 1,173 recorded in the March 2017 quarter and 1,028 for the same time last year. This represents a smaller drop of 26.3 per cent and 16.0 per cent respectively.As was similarly observed in the housing market, unit sales are well below the 10 year average of 1,399. The top ve performing suburbs in terms of sales activity were, East Perth (43 sales), South Perth (43 sales), Maylands (35 sales), Perth (33 sales) and Como (33 sales).$425 kQUARTERLY CHANGE-2.3%A signi cant di erence in the multi-residential market compared to the housing market in this sub- region is that 67.1 per cent of transactions in the June quarter occurred under $500,000.SALES VOLUME (PRELIM)864.CENTRAL SUB-REGION MULTI-RESIDENTIAL MARKETQUARTERLY CHANGESource: Landgate/REIWA ©-26.3%$550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,0002,000 1,500 1,000 5000LISTINGS FOR SALE2,12310 Year Average SalesMedian Multi-Residential Price (LHS)AVE SELLING DAYS78% SELLERS DISCOUNTING50.83%AVE DISCOUNT OFFERED-7.39%Multi-Residential Sales (RHS)MEDIAN PRICE (PRELIM)Land is scarce in the Central sub-region and this shows by the premium paid in this region compared to the rest of the Perth Metro region. Land sales can take up to 12 months to settle, which makes reporting on the state of the market di cult. The preliminary results indicate sales for the June quarter are at 144 which is 45.7 per cent lower than the March quarter. However, REIWA expects land sales to li to around 190 in coming weeks.$455.5kPrices in the land market have hovered between $425,000 and $465,000 over the last 12 months, and is heavily in uenced by the number of sales.Of more interest though, is the price per square metre. Unsurprisingly, land is more expensive per square metre with lots under 320 m2 attracting a price of $1,400 and the more common 320 – 499 m2 costing $1,287 per square metre.QUARTERLY CHANGE6.4%SALES VOLUME (EST)190QTLY CHANGE (EST)-28.3%CENTRAL SUB-REGION VACANT LAND MARKETSource: Landgate/REIWA ©600 500 400 300 200 100 0LISTINGS FOR SALE$550,000 $500,000 $450,000 $400,000 $350,000 $300,000LAND39410 Year eaLand Sales (RHS)AVE SELLING DAYS90% SELLERS DISCOUNTING52.94%AVE DISCOUNT OFFERED-9.71%Median Land Price (LHS)REIWA.COMMARKETUPDATE | JuneQuarter2017 | 13Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017