Page 23 - REIWA.com Market Update / June Quarter 2017

PERTH SOUTH EAST SUB-REGIONSUBURB SPOTLIGHTExplore ArmadaleA mix of established residential, commercial and industrial areas characterise Armadale. Located 25 kilometres southeast of Perth, A bustling urban centre atthe heart of the suburb provides the relaxed community with a host of modern conveniences, such as the West Armadale Shopping Centre, Haynes Shopping Centre, Armadale Arena and Armadale Railway Station. There are 19 parks and reserves within Armadale’s eight square kilometre landscape and ve local schools including Armadale Primary School and Armadale Senior High School.During the June quarter, Armadale saw a fall of 43 per cent in house sales compared to the March quarter. Against the same time last year, sales are 32 per cent lower. A total of 28 sales have settled so far, however REIWA expects, even a er transactions settle, activity levels for the June quarter will remain lower than the March quarter. For comparison, the 10 year average is 62 sales per quarter. The preliminary median house price in Armadale remained stable at $265,000 during the June quarter. In comparison to the same time last year, the median has fallen by $50,000 or 15.9 per cent.The multi-residential market also saw volumes drop with only six sales recorded for the quarter. This remains well below the 10 year average of 15 sales per quarter. The median for the quarter depreciated to $237,500 or a fall of 9.5 per cent. The annual performance is di erent to the overall housing market, which recorded a growth rate of 1.5 per cent over the year.Levels of stock for sale in the Armadale property market declined over the June quarter. There were 91 houses and 18 units for sale. The rental market saw the stock for lease remain stable with 107 houses and 49 units available to rent. Overall median rent prices have fallen over the quarter to $255, and are down $35 in comparison to the same time last year.ARMADALE HOUSING MARKET$340,000 $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000Source: Landgate/REIWA ©10 Year Average Sales120 100 80 60 40 20 0House Sales (RHS)Median House Price (LHS)10 Year Average SalesMedian Multi-Residential Price (LHS)ARMADALE MULTI-RESIDENTIAL MARKET$350,000 $300,000 $250,000 $200,000 $150,000 $100,000Multi-Residential Sales (RHS)For more information about your suburb, visitSource: Landgate/REIWA ©30 25 20 15 10 5 0REIWA.COMMARKETUPDATE | JuneQuarter2017 | 23Q2 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