The West

House prices flat  as trade-up  buyers rise
Close to everything: Christopher and Sarah Wilkinson and their kids Noah, left, and CJ. Picture: Ben Crabtree/The West Australian

The Perth suburb of Riverton was the top median house price performer in the March quarter, rising 10.4 per cent to $690,000.

But house prices otherwise had little movement in the quarter, with preliminary Real Estate Institute of WA data revealing an overall price increase of less than one per cent.

While the preliminary median house price grew just 0.7 per cent from $535,000 to $540,000 during the quarter, the most noteworthy shift in Perth's housing market was the types of properties changing hands.

REIWA president David Airey said the trade-up market had picked up, with homes priced between $400,000 and $800,000 making up 66 per cent of sales - up from 64 per cent in the previous quarter.

"With first-homebuyers dropping away and properties over $1 million cooling off, the bulk of turnover for the March quarter was homes in the middle range and this influenced the median price," he said.

But once late and trailing settlements were processed, Mr Airey predicted the median house price would eventually lift to $553,000.

"The median price is quite volatile at the moment, bouncing around because of the varying composition of sales in each month," Mr Airey said.

"With listings going up, sales dropping back and the median price steady, it's possible Perth may have peaked for the time being."

Acton director Travis Coleman said first-homebuyer activity had been slowing since the end of last year, while trade-up buyer activity had showed a strong increase.

"With the first-homeowners grant and the exemption from stamp duty, entry-level buyers have poured into the market in great numbers and this has absorbed most of the available stock in this section of the market," he said.

"It's a slowing market because there are fewer opportunities which have driven more first- timers."

More than 90 homes were sold in Riverton in the year to March.

Sarah and Christopher Wilkinson and their children CJ and Noah moved into a two-bedroom, one-bathroom home in the area in March after six months of searching.

"Our son CJ goes to Queen of Apostles School so we wanted to move closer," Mrs Wilkinson said. "People here are friendly and we are close to everything."

Di Addenbrooke, Pulse Property Group director, said Riverton's riverside lifestyle had been a big drawcard for families wanting to buy in the area.

"It is an old-fashioned suburb in as much as the kids can cycle to school and the parks," she said.

"There is also a broad mix of age groups, with some original homeowners."

The West Australian

Latest News From The West

Popular Dockers Michael Barlow and Alex Silvagni will learn their fates early next week, with a Fremantle list management committee meeting likely to decide their spots on the club’s list.

Matt Knight and Andre Ingram had an immediate impact as the Perth Wildcats overcame a scare and the Illawarra Hawks to prevail by seven points at Perth Arena last night.

Perth Glory coach Kenny Lowe was forced to watch the second half of his side’s thrilling 3-2 win over Melbourne City from the stands following a sensational outburst at referee Allan Milliner …

Popular videos

Our Picks

Follow Us

More from The West