Herron Todd White is one of Australia's largest valuation firms. They have 64 offices throughout Australia and over 850 staff. Each month, they publish a 'Month in Review' that provides an insight to the property markets of all states and capital cities in Australia. At Yaran we like to use this report, along with many sources of information, to keep our finger on the pulse of the Perth property market.
We have read through this month's report and have provided a condensed summary below:
- In 2017 over a quarter of all Perth suburbs recorded positive sales growth. The suburbs that experienced growth were suburbs that are located nearby to key infrastructure such as schools, shopping centres and train stations. All of Yaran's projects are located nearby several key amentiies.
- Key indicators such as unemployment showed signs of growth in 2017. A job surge over December 2017 saw the unemployment rate drop from 6.6% to 5.7%
- During the December 2017 quarter, prices increased in three out of five sub-regions in Perth
- The overall median house price is $507,000 but is expected to rise to $525,000 once all sales are settled (according to REIWA)
- Currently there are 13,134 properties listed on the market. Herron Todd White indicates that a balanced housing market is reflected when listings hover around 12,000 to 13,000
- In the December quarter the average selling times dropped ten days to 60 days
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