Page 24 - REIWA.com Market Update / June Quarter 2017

PERTH SOUTH WEST SUB-REGIONHouseMulti-ResLandHouse SalesMedian PriceHighest PriceQrtly Change in Annual MedianOVERVIEWAccording to the latest ABS data (June 2016) the estimated resident population of the South West sub-region is 247,712 people over 487 square kilometres. The population trend in the South West sub-region is strong growth, li ing by 2.9 per cent since June 2015. This means there are 539 people occupying a square kilometre in the region. This represents the second most densi ed sub-region in the Perth Metro area, a er the Central sub-region.The South West sub-region recorded 14.9 per cent of total dwelling sales in the Perth Metro region for the June quarter 2017.Preliminary dwelling sales for the sub-region are 25 per cent lower than the same time last year. However, REIWA expects that once further transactions have settled, dwelling sales in the June quarter will be only down by approximately 10 per cent in comparison to the same time last year.LowerSales Quartile Median646 $349,000 $425,75089 $232,500 $339,000155 $191,500 $250,000Upper Quartile$510,000$407,500$339,600Source: Landgate/REIWA ©Qrtly change in Annual Median-1.7%0.1%0.4%HOUSESIn the June quarter, preliminary house sales in the South West sub-region reached 646. This is 33.3 per cent lower than recorded in the previous March quarter. However, REIWA expects house sales in the sub-region to li to around 760 once further transactions settle. This would represent a smaller, yet a substantial decline of around 21.5 per cent compared to the March 2017 quarter.MEDIAN PRICE (PRELIM)The 10 year average for house sales in the sub-region is approximately 1,057, so clearly, current activity is lower. Based on preliminary volumes for the quarter, this represents a 38.9 per cent di erence in activity. House sales were last at the 10 year average during 2012 – 2014.$425.7kQUARTERLY CHANGE-3.2 %More interestingly, sale by price range analysis shows that 72.1 per cent of house sales occur under $500,000 and the trade-up market ($500,000 to $725,000) represents 21.5 per cent. This demonstrates the South West sub-region has a healthy level of traditional rst home buyers under the $500,000 mark for houses.SALES VOLUME (PRELIM)646QUARTERLY CHANGE-33.3%SOUTH WEST SUB-REGION HOUSING MARKET$480,000 $460,000 $440,000 $420,000 $400,000 $380,000 $360,000House Sales (RHS)TOP 5 SUBURBS BY QUARTERLY CHANGE IN PRICESource: Landgate/REIWA ©1,600 1,400 1,200 1,000 800 600 400 200 0Source: Landgate/REIWA ©3.4%2.2%1.4%1.1%0.6%LISTINGS FOR SALE1,82110 Year Average SalesMedian House Price (LHS)AVE SELLING DAYS -80% SELLERS DISCOUNTING64.95 %AVE DISCOUNT OFFERED-7.08%Year to June 2017ParmeliaShoalwaterSafety BaySingletonCoogee60 $300,00069 $465,000116 $423,50032 $450,00057 $820,000$448,000$1,500,000$1,050,000$845,000$1,160,00024 | REIWA.COMMARKETUPDATE | JuneQuarter2017N.B. ltered for 30 or more sales per suburb.Q2 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