Australian Property News

WA median prices strengthen

Posted on Monday, February 08 2010 at 3:46 PM

The Western Australia property market has sprung back with strong median price growth in houses and units, according to the Real Estate Institute of Western Australia (REIWA).

December quarter data revealed new median price records for Perth ($480,000); Geraldton-Greenough ($375,000); Kalgoorlie-Boulder ($350,000); Karratha ($822,000) and; Port Hedland ($685,000).

REIWA president Alan Bourke said Port Hedland was the standout with a $70,000 spike.

"Perth has more than recovered all its 12 per cent loss in median price experienced in 2008, with 14.3 per cent growth in the median house price for 2009," said Bourke.

Perth units and apartments also hit a record high median price of $400,000, and a 15.3 per cent growth for 2009, due to the demand pressure for affordable housing and first homebuyer activity, said Bourke.

While median prices for land jumped 18 per cent in the quarter to $265,000, it still ran short on the 2007 boom median.

Bourke advised that the 14.3 per cent median price growth for units and apartments in 2009 didn’t mean values had jumped, rather it was an indication that upgrade buyers were acquiring more expensive property at the same time the first homebuyer market was diminishing.

More positive signs for the Perth market were demonstrated in the drop in average number of selling days on the market by 10 to 54.