Page 15 - REIWA.com Market Update / June Quarter 2017

PERTH NORTH WEST SUB-REGIONHouseMulti-ResLandHouse SalesMedian PriceHighest PriceQrtly Change in Annual MedianOVERVIEWAccording to the latest ABS data (June 2016) the estimated resident population of the North West sub-region is 343,287 people over 785 square kilometres. The population trend in the North West sub-region is one of growth, li ing by 0.7 per cent over the year to June 2016. The North West sub-region represents a reasonably densi ed area with 462 people occupying a square kilometre. The growth of the northern metropolitan corridor has seen signi cant investment in retail and industrial commercial markets. The proximity to the coast cannot be underestimated as a key draw card for residents.The North West sub-region represents the second largest proportion of dwelling sales in the Perth Metro region, with 18.1 per cent of sales for the June quarter 2017.Preliminary dwelling sales for the sub-region are 31.5 per cent lower than the same time last year. However, REIWA expects dwelling sales in the June quarter to increase to around 1,120 which would represent a 14.3 per cent decline in activity levels in comparison to the same time last year once further transactions settle.LowerSales Quartile Median860 $413,000 $490,00032 $278,000 $328,500156 $202,896 $278,000Upper Quartile$625,000$410,000$365,000Source: Landgate/REIWA ©Qrtly change in Annual Median-1.0%0.0%2.0%HOUSESMEDIAN PRICE (PRELIM)The 10 year average for house sales in the sub-region is 1,371. Current activity is lower but certainly not out-of-reach, particularly in comparison to other parts of the Perth Metro region. The last time sales activity reached these levels was during the most recent ‘people boom’ of 2012-14.$490kQUARTERLY CHANGE-2.0 %Just over 50 per cent of house sales in this sub-region are priced under $500,000, whilst 15.8 per cent are in the luxury market. This is not surprising given the number of northern coastal suburbs located within this sub-region.SALES VOLUME (PRELIM)860NORTH WEST SUB-REGION HOUSING MARKETQUARTERLY CHANGESource: Landgate/REIWA ©-31.9%$560,000 $540,000 $520,000 $500,000 $480,000 $460,000 $440,0002,000 1,800 1,600 1,400 1,200 1,000 800 600 400 2000Preliminary house sales in the North West sub-region are down by 31.9 per cent against revised March quarter gures of 1,262. REIWA expects house sales in the sub-region to li to around 1,049 once further transactions settle. This would represent a smaller decrease of 16.9 per cent in activity levels over the quarter.LISTINGS FOR SALE1,51710 Year Average SalesAVE SELLING DAYS66% SELLERS DISCOUNTING53.10%AVE DISCOUNT OFFERED-5.61 %House Sales (RHS)Median House Price (LHS)TOP 5 SUBURBS BY QUARTERLY CHANGE IN PRICEYear to June 2017 Connolly 39Joondalup 75Banksia Grove 128Butler 171Alkimos 101$676,000$530,000$397,750$410,000$415,000$955,000$890,000$800,000$615,000$775,000Source: Landgate/REIWA ©5.6%3.3%2.0%1.9%1.6%N.B. ltered for 30 or more sales per suburb.REIWA.COMMARKETUPDATE | JuneQuarter2017 | 15Q2 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