Page 28 - REIWA.com Market Update / June Quarter 2017

REGIONAL WATOTAL SALES*EXPLORE THE GASCOYNEInvestments in the Gascoyne region is strong with several notable upcoming projects including the Exmouth Harbour, Exmouth Town Centre and Foreshore Revitalisation, Gascoyne Irrigation Pipeline, Carnarvon Town Centre and Fascine Redevelopment, and the Monkey Mia jetty to name a few.According to the latest ABS data as at June 2016, the estimated resident population of the Gascoyne region is 8,893. The population trend in the region is one of growth with 37 more people since June 2015.16Preliminary house sales for the Gascoyne region are 26.7 per cent lower than the 15 transactions recorded in the March quarter 2017. REIWA expects house sales to li only marginally to approximately seven, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.Prices in the Gascoyne region have decreased over the quarter. The preliminary June quarter median house price is $269,500 which is 13.8 per cent lower than the March quarter. Prices are 17.4 per cent lower than the same time last year.The rental market is challenging in the Gascoyne region, with stock levels remaining high, in the order of 39 per cent over the March quarter. High levels of stock has contributed to a decline in house rents to $405 for the June quarter, down $65 over the quarter.EXPLORE THE GOLDFIELDS-ESPERANCEPlanned investments in the Gold elds-Esperance region is bright with several projects on the horizon including the Esperance Foreshore Redevelopment, Gold elds- Esperance Revitalisation Plan, and the Burt Street Heritage Precinct Restoration.According to the latest ABS data as at June 2016, the estimated resident population of the Gold elds-Esperance region is 81,571. The population trend in the region is one of decline with 43 fewer people since June 2015.MEDIAN HOUSE PRICE$300kLISTINGS FOR SALE*177AVE SELLING DAYS+76TOTAL SALES*136Preliminary house sales for the Gold elds-Esperance region are 20.3 per cent lower than the 138 transactions recorded in the March 2017 quarter. However, REIWA expects house sales to li to approximately 121, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.Prices in the Gold elds-Esperance region have so ened over the quarter. The preliminary June quarter median house price is $269,500. This is 13.8 per cent lower than the March quarter and remains 17.4 per cent lower than the same time last year.The rental market in the Gold elds-Esperance region has seen some positivity with rental stock levels seeing a six per cent decrease over the June quarter and the median house rent remaining steady at $320.EXPLORE THE PEELAccording to the latest ABS data as at June 2016, the estimated resident population of the Peel region is 139,722. The population trend in the region is one of decline with some 353 people lost since June 2015.Preliminary house sales for the Peel region are 32.9 per cent lower than the transactions recorded in the March 2016 quarter. However, REIWA expects house sales to li to approximately 333, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.MEDIAN HOUSE PRICE$269.5kLISTINGS FOR SALE*916AVE SELLING DAYS+109TOTAL SALES*439MEDIAN HOUSE PRICE$356kPrices in the Peel have so ened over the quarter. The preliminary June quarter median house price is $356,000. This is 5.1 per cent lower than the March quarter and remains 8.5 per cent lower than the same time last year.LISTINGS FOR SALE*2,006AVE SELLING DAYS+The rental market is challenging in the Peel and has seen some mixed results with rental stock levels declining by seven per cent over the June quarter. The median house rent trended lower by $8 over the June quarter to record $310.71* Houses,unitsandland. + Houses only.28 | REIWA.COMMARKETUPDATE | JuneQuarter2017