Page 18 - REIWA.com Market Update / June Quarter 2017

PERTH NORTH EAST SUB-REGIONHouseMulti-ResLandHouse SalesMedian PriceHighest PriceQrtly Change in Annual MedianOVERVIEWAccording to the latest ABS data (June 2016) the estimated resident population of the North East sub-region is 210,433 people over 1,584 square kilometres. The population trend in the North East sub-region is one of strong, positive growth, li ing by 2.0 per cent over the year to June. This means the North East sub-region represents the least densi ed area with only 137 people occupying a square kilometre. Quite possibly a direct result of the lifestyle living in the region.The North East sub-region remains the smallest proportion of dwelling sales in the Perth Metro region, with 10.4 per cent of sales for the June quarter 2017.Preliminary dwelling sales for the sub-region are 23.6 per cent lower than the same time last year. However, early indications from REIWA data suggest that once further transactions settle through, dwelling sales will only be down by 6.8 per cent.Source: Landgate/REIWA ©Lower Upper Qrtly change in Sales Quartile Median Quartile Annual Median520 $372,000 $430,000 $517,000 -0.7%20 $268,500 $302,000 $370,000 -0.7%101 $210,000 $240,000 $279,500 -0.1%HOUSESQUARTERLY CHANGE-2.3%More interestingly, the greatest proportion of house sales (68.9 per cent) are happening atthe price range of under $500,000. Trade-up activity represents 23.8 per cent ($500,000 to $725,000, whilst only 7.2 per cent of activity is occurring at the luxury end of the market (above $725,000).SALES VOLUME (PRELIM)520QUARTERLY CHANGE-20.4%NORTH EAST SUB-REGION HOUSING MARKET$510,000 $490,000 $470,000 $450,000 $430,000 $410,000 $390,000 $370,000 $350,000House Sales (RHS)TOP 5 SUBURBS BY QUARTERLY CHANGE IN PRICESource: Landgate/REIWA ©In the June 2017 quarter, preliminary house sales in the North East sub-region reached 502. This is 20.4 per cent lower than recorded in the March quarter. However, REIWA expects house sales in the sub-region to li to around 630 once further transactions settle. This would represent a smaller decline of only 3.5 per cent compared to the previous March quarter.MEDIAN PRICE (PRELIM)The 10 year average for house sales in the sub-region is approximately 828, so clearly, current activity is still dampened. The last time sales activity reached these levels was during the most recent ‘people boom’ in 2012-14, where on average annual house sales were around 905.$430kLISTINGS FOR SALE1,200 1,000 800 600 400 200 01,27710 Year Average SalesAVE SELLING DAYS78% SELLERS DISCOUNTING57.58%AVE DISCOUNT OFFERED-6.61%Median House Price (LHS)Year to June 2017Greenmount 39Ballajura 179Mundaring 40Wattle Grove 72Gooseberry Hill 45N.B. ltered for 30 or more sales per suburb.$490,000 $878,000$435,000 $930,000$560,000 $820,000$532,500 $1,075,000$710,000 $1,250,000Source: Landgate/REIWA ©2.1%1.2%1.1%0.5%0.0%18 | 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 2017