Median house price in Yanchep area steady

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REIWA expects market conditions to steadily improve in the housing market throughout 2018 but thinks rapid growth unlikely this year. Picture: Anita McInnes

THE median house price for the North West sub-region has remained steady during the past two months.

Real Estate Institute of Western Australia (REIWA) data showed the December median house price for the North West sub-region was $500,000.

A REIWA spokeswoman said this was the same as the November median and 2.9 per cent higher than the September median of $486,000.

The North West sub-region includes the suburbs of Yanchep, Two Rocks, Alkimos, Butler, Carabooda, Eglinton, Gnangara, Jindalee, Neerabup, Nowergup, Pinjar, Wilbinga.

Apart from Wilbinga, which is in the Shire of Gingin all the suburbs are in the City of Wanneroo.

The North West sub-region also includes other City of Wanneroo suburbs outside the Yanchep News Online reporting area and City of Joondalup suburbs as well.

REIWA president Hayden Groves said in December Perth’s median house price remained unchanged at $525,000 in December.

Mr Groves said the Perth December median was 1.9 per cent higher than the September median and that three of Perth’s five sub-regions saw their median house price improve or stabilise over the month.

“Over the past six months we have consistently observed steady house prices in Perth, which is an encouraging indicator the bottom of the market has occurred,” he said.

Three of Perth’s five sub-regions saw their median house price improve or stabilise in December, with the Central sub-region being the stand-out.

“The median house price in the Central sub-region increased 2.1 per cent to $735,000 in December and was up significantly by 8.1 per cent when compared to September 2017.

“Drilling down, reiwa.com data shows Perth City had the biggest improvement in median house price in December (up 8.4 per cent to $905,000) followed by South Perth-Victoria Park (up 5.1 per cent to $788,000).

Other strong performers were Stirling East, Joondalup North and Serpentine-Jarrahdale.

“It’s pleasing the Perth market appears to have finally turned a corner. “We expect market conditions to moderately and steadily improve throughout 2018, although REIWA cautions against expectations of rapid growth this year.”