House prices increase in Merriwa and Quinns Rocks

Median house prices increased in Merriwa and Quinns Rocks in June while Yanchep recorded the fastest leasing time. File pic

MEDIAN house prices in Merriwa and Quinns Rocks increased in June, according to REIWA.

Merriwa (up 3.9 per cent to $335,000), Quinns Rock (up 3.9 per cent to $499,000) and Joondalup (up 3.2 per cent to $525,500) were among the suburbs to record the biggest increase in median sale price growth last month.
Perth’s median house sale price for June was $510,000.

REIWA president Damian Collins said while overall growth rate figures were important for understanding market trends, they did not tell the whole story.

“It’s very pleasing that when we drill down to suburb level, 84 suburbs recorded significant median house sale price growth during the month,’’ he said.

The best performing suburbs according to data were Parkwood (up 4.8 per cent to $450,000), Booragoon (up 4.1 per cent to $825,000).

Other suburbs to perform well were Subiaco, Kalamunda, Tapping, Nedlands and Wanneroo.

Mr Collins said the Perth home value index for June had only increased by 0.2 per cent but the year-to-date total growth had been 7 per cent.
It took a median of 19 days to lease a rental during June, which was one day slower than May 2021 but eight days faster than June 2020.

The suburbs to record the fastest leasing times during June were Yanchep (11 days), Balga (13 days), Maddington (13 days), Innaloo (14 days) and Success (14 day).

Western Australia remained the most affordable place in the country to rent in.

“Despite the small increase recorded to the Perth median rent during the month, it is still $25 cheaper than it was in 2013 and 2014, when it peaked at $450 per week.’’

In May the median rent in Alkimos was $350 a week down from its peak median rent of $470 in the fourth quarter of 2012.

Back in the second quarter of 2014 the median rent in Jindalee was $600 a week but in May was down to $450.

Mr Collins said there was a small decline in listings for sale at the end of June compared to May, but compared with three months ago, listings for sale had increased 8.1 per cent.

“On an annual basis, stock levels remain 13.4 per cent lower than they were at the end of June 2020.’’

There were 2818 properties for rent in Perth at the end of June on, which was stable compared to last month and 5.7 per cent higher than three months ago.
“The Perth vacancy rate is currently at one per cent.

“We’d like to see that lift to around 2 per cent to 3 per cent to restore balance in the market. “With investor finance levels starting to rise, we should hopefully see more properties come to market in the second half of the year.’’
He said it was imperative that investors remained an active part of the WA market so there were enough rentals to keep up with tenant demand.

“The outcome of the Residential Tenancies Act review, which is currently underway, needs to be fair for all parties and ensure investors aren’t disincentivised from buying in WA.”