Page 14 - REIWA.com Market Update / June Quarter 2017

PERTH CENTRAL SUB-REGIONSUBURB SPOTLIGHTExplore ScarboroughHome to one of the most iconic beaches in Perth, Scarborough is a desirable coastal suburb with a signi cant entertainment precinct that attracts people from all over the Perth metropolitan area and beyond. A popular ocean foreshore, it is home to a hotel, a variety of shops, restaurants and of course a beautiful coastline. There are several parks and reserves in Scarborough, such as Abbett Park which provides locals with sporting facilities for football, squash, lawn bowls, tennis and cricket. There are also two primary schools, a library and a community recreation centre within the suburb.During the June quarter, Scarborough saw a fall of 40 per cent in house sales activity compared to the March quarter. A total of 30 sales have settled so far, however REIWA expects that once further transactions settle, activity levels for the June quarter will be approximately on par with the March quarter. For comparison, the 10 year average gure is 54 sales per quarter. The preliminary median house price in Scarborough increased to $765,000, a rise of $12,500 over the June quarter or 1.7 per cent. In comparison to the same time last year, the median price has risen by $15,000 or 2.0 per cent.The multi-residential market also saw volumes decline, with 30 sales recorded so far for the quarter. For comparison, the 10 year average gure is 40 sales per quarter which suggests that the latest quarterly gure isn’t far from the long-term average. The median for the quarter appreciated marginally to $501,500 or a li of 0.5 per cent. The annual performance is stronger than the housing market recording a growth rate of 6.7 per cent over the year.Levels of stock for sale in the Scarborough property market declined over the June quarter. There were 39 houses and 84 units for sale at the end of the June quarter. An opposite story can be told for the rental market where stock for lease grew with 52 houses and 166 units available to rent. Overall median rent prices have held steady this quarter at $385, but are down $35 at the same time last year.SCARBOROUGH - HOUSING MARKET$900,000 $850,000 $800,000 $750,000 $700,000 $650,000 $600,000 $550,00010 Year Average SalesSource: Landgate/REIWA ©100 90 80 70 60 50 40 30 20 10 0Source: Landgate/REIWA ©12010080 10 Year Average Sales 6040 20 0House Sales (RHS)Median House Price (LHS)SCARBOROUGH - MULTI-RESIDENTIAL MARKET$600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000Multi-Residential Sales (RHS)For more information about your suburb, visitMedian Multi-Residential Price (LHS)14 | REIWA.COMMARKETUPDATE | JuneQuarter2017Q2 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