Page 29 - REIWA.com Market Update / June Quarter 2017

REGIONAL WATOTAL SALES*EXPLORE THE SOUTH WESTPlanned investments in the South West is strong with sizable projects in infrastructure developments. Notably, the Busselton Airport Terminal expansion will prove to be integral in supporting the tourism industry and drive further growth within the area.According to the latest ABS data as at June 2016, the estimated resident population of the South West region is 148,628. The population trend in the region is one of growth with some 1,307 people added since June 2015.Preliminary house sales for the South West region are 49.2 per cent lower than the 656 transactions recorded in the March 2017 quarter. However, REIWA expects house sales to li to approximately 437, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.481MEDIAN HOUSE PRICE$376kPrices in the South West have remained so over the quarter. The preliminary June quarter median house price is $376,000. This is six per cent lower than the March quarter and also remains ve per cent lower than the same time last year.LISTINGS FOR SALE*3,106AVE SELLING DAYS+The rental market in the South West has shown mixed trends. Although rental stock levels have seen a 14 per cent decrease during the June quarter, median house rents have remained stable at $350 over the quarter.EXPLORE THE GREAT SOUTHERNPlanned investments in the Great Southern is spread across social, infrastructure and tourism oriented projects. Key projects in the area include the Katanning airport upgrade.According to the latest ABS data as at June 2016, the estimated resident population of the Great Southern region is 194,696. The population trend in the region is one of decline with only 4,374 people lost since June 2015.Preliminary house sales for the Great Southern region are 28.7 per cent lower than the 171 transactions recorded in the March 2017 quarter. In comparison to the ten year average, sales activity remains weak in this region.123TOTAL SALES*158MEDIAN HOUSE PRICE$350kPrices in the Great Southern eased over the quarter. The preliminary June quarter median house price is $350,000. This is 6.7 per cent lower than the March quarter but is 7.7 per cent higher than the same time last year.LISTINGS FOR SALE*1,039The rental market in the Great Southern has also shown steady trends. Rental stock levels have seen an eight per cent decrease during the June quarter whilst median house rents have remained stable at $350 over the quarter.EXPLORE THE WHEATBELTAccording to the latest ABS data as at June 2016, the estimated resident population of the Wheatbelt region is 62,368. The population trend in the region is one of decline with 1,574 fewer people since June 2015.Preliminary house sales for the Wheatbelt region are 12.6 per cent lower than the 151 transactions recorded in the March 2017 quarter. However, REIWA expects house sales to li to approximately 140, once more settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.Prices in the Wheatbelt have strengthened over the quarter. The preliminary June quarter median house price is $227,500. This is 15.5 per cent higher than the March quarter and also remains 27.8 per cent higher than the same time last year.AVE SELLING DAYS+93TOTAL SALES*169MEDIAN HOUSE PRICE$227.5kLISTINGS FOR SALE*The rental market in the Wheatbelt has seen mixed trends. Although rental stock levels have decreased by 33 per cent during the June quarter, median house rents have fallen by $5 to record $295 for the latest quarter.1,149AVE SELLING DAYS+94* Houses,unitsandland. + Houses only.REIWA.COMMARKETUPDATE | JuneQuarter2017 | 29