Page 17 - REIWA.com Market Update / June Quarter 2017

PERTH NORTH WEST SUB-REGION10 Year Average SalesSUBURB SPOTLIGHTExplore SorrentoSorrento is an established outer-northern suburb of Perth admired for its coastal lifestyle. Bound by the Indian Ocean to the west, Sorrento is four square kilometers in size. Residents of Sorrento enjoy the desirable position of being close to major urban developments while still removed enough to soak up the bene ts of suburban living.During the latest June 2017 quarter, preliminary gures suggest activity levels have declined. 24 house sales transactions have settled so far based on Landgate data which is lower than the 35 house transactions recorded during the previous March 2017 quarter. 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 25 sales per quarter. The preliminary median house price for the June 2017 quarter comes in at $980,000 which up 3.2 per cent to the March quarter. However, annually, the median price for Sorrento is down marginally, by 1.8 per cent.The multi-residential market in Sorrento is tiny, representing 14.3 per cent of total dwelling sales. Nevertheless, four transactions have settled so far based on preliminary June quarter gures, down from the seven recorded during the March quarter. The 10 year average gure is ve sales per quarter which suggests that the latest quarterly gure, although low, is close to the long-term average.There were 21 houses and four units for sale at the end of the June quarter which is 37.5 per cent lower than that seen three months ago. A similar story can be told for the rental market where stock for lease has reduced to 13 houses and six units. Overall median rent prices have reduced over the latest quarter, albeit marginally by $3 to $475.SORRENTO HOUSING MARKET$1,250,000 $1,150,000 $1,050,000$950,000 $850,000 $750,000 $650,000 $550,000 $450,000 $350,000Source: Landgate/REIWA ©40 35 30 25 20 15 10 5 0Source: Landgate/REIWA ©1210SORRENTO MULTI-RESIDENTIAL MARKET$1,200,000 $1,100,000 $1,000,000$900,000 $800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,0008 10 Year 6House Sales (RHS)Median House Price (LHS)Average SalesMedian Multi-Residential Price (LHS)4 2 0Multi-Residential Sales (RHS)For more information about your suburb, visitREIWA.COMMARKETUPDATE | JuneQuarter2017 | 17Q2 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