Conditions "favourable" in Perth property market: REIWAThe Real Estate Institute of Western Australia (REIWA) results for the September quarter reveal housing affordability is improving in Perth
Housing affordability has improved in Perth during the September 2018 quarter, with REIWA data revealing house and unit prices are softening.
According to the results, Perth's median house price should settle at $505,000 for the quarter - 1.9 per cent lower than the June 2018 quarter.
It was a similar story for the unit market, with the median expected to settle at $395,000 - 1.3 per cent lower than the June 2018 quarter.
“While quarterly median figures can be more subject to stock composition changes, the fact that the annual change is only one per cent lower suggests that we are at or near the bottom," new REIWA President, Damian Collins told WILLIAMS MEDIA.
Related reading: Damian Collins elected new REIWA President
Mr Collins says this is an excellent opportunity for buyers and investors to take advantage of current market conditions to secure their next home or investment property.
“While the worst of the market downturn appears to be behind us, the results of the September 2018 quarter reveal conditions are favourable for buyers and investors,” Mr Collins said.