40 per cent spike in house sales

as posted here

Chalpat Sonti
May 22, 2009 - 2:19PM
WA's residential property market has experienced its best sales period in more than 18 months, with the average price for Perth houses jumping $10,000.

Real Estate Institute of WA figures show the number of sales in the state surged 40 per cent in the three months to March 31, driving up house prices everywhere.

The average house price in Perth is now $430,000, while unit prices in the city rose 2 per cent, to $348,500.

Residential land blocks also rose $10,000, to $230,000, driven by builders of first homes.

The average house price in regional areas rose 2.9 per cent, to $350,000, while unit prices jumped 7 per cent to $310,000 and land prices rose $2000 to $155,000.

There were 15,000 properties for sale during the period, with an average selling time of 76 days, similar to the previous three months.

"However, it is a patchy market and some areas such as Armadale, Gosnells and Wanneroo South have seen selling days come down quite a bit," REIWA president Rob Druitt said.

Much of the house price rise in Perth occurred in the "middle ring" and coastal areas.

Wanneroo South prices rose 7.6 per cent, while other healthy gains were posted in Waneroo North West (5 per cent), Stirling West (4 per cent), Gosnells (3.6 per cent), Cockburn (3.3 per cent), Bayswater-Bassendean (1.9 per cent).

However, western suburbs prices were down 12.5 per cent, Vincent fell 3.1 per cent and Armadale-Serpentine dropped 2.1 per cent.

The number of homes for sale in Perth stood at 14,300 at the end of April, down 3200 in about a year.

Meanwhile, the rental vacancy rate in the city was up slightly, at 2.9 per cent, with the average rent of $360 a week also showing little movement on the previous three months.

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