According to The Real Estate Institute of Western Australia (REIWA) “Despite July property data including a further decrease in median house prices, the rental market has held firm.“ It shows that there is no movement for August. The median price was steady at $540,000 and the median rent is unchanged at $450 per week. Despite of the unchanged Perth’s rental market, the sales turnover has slumped, however there is always a seasonal dip especially during spring weather.
“Reported sales continued to trend downwards and were 10% down on June and similar to April, when there was a notable seasonal dip in sales over the Easter and ANZAC Day holiday period, Mr. Airey said.
There is an increase of the number of properties on the market by 1% for August and rental market was also showing signs of stabilization. Some of the suburbs showing an increase despite of the high vacancy rate but still the market remain strong. We cannot predict the flow of the market and the house price will continue to increase, the market softens but if the house prices decrease, the market may uplift.