Page 30 - REIWA.com Market Update / June Quarter 2017

REGIONAL WATOTAL SALES*Focus on the Mid WestOVERVIEWAccording to the latest 2016 Census of Population and Housing, the resident population of the Mid-West region was 54,019 on census night. The median age of a resident was 40 years old.There are a total of 26,721 private dwellings in the area of which 80 per cent are occupied. On average, each household comprised of 2.5 members earning a median income of $1,277 per week.Annual economic output in the Mid-West region is estimated at $5.321 million. Key industries in the region include manufacturing, construction, real estate, mining, and transport services amongst others. Geraldton is a major shing and tourism hub within the region.2%Flats and apartmentsMANUFACTURINGCONSTRUCTIONRENTAL, HIRING & REAL ESTATE SERVICES MININGTRANSPORT, POSTAL & WAREHOUSING OTHER131MEDIAN HOUSE PRICE$262.5kLISTINGS FOR SALE*1,095AVE SELLING DAYS+8454,019POPULATIONAVERAGE PERSONS PER HOUSEHOLD86% 8%Separate house Duplexes and dwellings townhousesECONOMIC OUTPUT BY SECTOR2.5MEDIAN WEEKLY HOUSEHOLD INCOME$1,27734.5%12.3%11.8% 8.0%28.7%30 | REIWA.COMMARKETUPDATE | JuneQuarter2017RESIDENTIAL PROPERTY MARKET IN THE MID-WESTPreliminary house sales for the Mid West region are 31 per cent lower than the 151 transactions recorded in the March quarter 2017. However, REIWA expects house sales to li signi cantly to approximately 147, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.Prices in the Mid West have remained subdued. The preliminary June quarter median house price is $262,500. This is 7.9 per cent lower than the March quarter and remains 6.3 per cent lower than the same time last year.The rental market in the Mid West is trending lower. Median house rents have trended lower by $3 over the June quarter to record $280 whilst rental stock levels have declined by 22 per cent.4.7%