Housing affordability has continued to improve in Perth, with the median house price easing to $535,000 for the three months to 30 November, according to REIWA data.
The median house price in Perth is now $535,000, says Real Estate Institute Western Australia President, Hayden Groves. The proportion of income required to meet loan repayments is 23.8%.
"Perth hasn't been this affordable for home buyers for several years, with our latest preliminary data for the three months to 30 November showing that 42% of sellers are adjusting their selling price in order to sell," said Groves.
Sales volumes fell during the quarter, as the abolishment in October of the First Home Owner Grant took its toll. Sales volumes were 1,768, a 13% decline for the three-month period.
The total number of properties for sale in Perth as at 30 November was 16,475. The number peaked earlier in the month at 17,078. "The recent fall in listings could indicate that listing levels have peaked," said Groves.
The latest REIWA data shows that rental affordability in Perth has also continued to improve over the three months to November.
"The overall median rent price for the three months to 30 November now sits at $395 per week, a minor adjustment of $5 over the last month, but a significant $45 on the same time last year," said Groves.
The median rent for houses in Perth is now $400 per week, while rent for units is $375 per week.
"These current weekly rent prices are also consistent with the results of the Housing Affordability Report, which found that rental affordability in Western Australia had improved in the September quarter, with tenants now spending around 21.5% of their income on rent," Said Groves.
Rental listings in Perth have increased 16% over the three months to November to 9,448, providing tenants with ample choice for accommodation.