YANCHEP was ranked No. 8 in Perth’s top 10 performing suburbs for the March quarter with a 2.4 per cent increase in its annual median sale price, bringing its median sale price to $430,000.
According to Real Estate Institute of Western Australia statistics 112 houses sold in Yanchep during the March quarter.
The highest sale in Yanchep in the year to March was $950,000.
In the March quarter Jindalee ranked No. 8 in Perth’s bottom 10 suburbs for the March quarter.
Jindalee recorded 5.3 per cent fall in the quarterly change in the annual median sale price to post a median of $630,000.
Thirty-two houses sold in Jindalee in the March quarter and the highest sale during the quarter was $810,000.
In Alkimos where 80 homes sold the median sale price for the March quarter was $486,500 – a quarterly increase of 0.7 per cent.
Two hundred and sixteen homes sold in Butler during the March quarter.
Butler with a quarterly change in its annual median sale price of 1.1 per cent recorded an annual median sale price of $430,00.
In Butler the highest house sale in the year to March was $628,000.
The highest house sale in Eglinton in the year to March was $660,00.
Ten homes sold during the quarter and the suburb recorded a 0.6 per cent decrease in the quarterly change in the annual median sale price to post a median sale price of $387,500.
The quarterly change in the annual median sale price in Two Rocks did not change in the march quarter.
Thirty-seven homes sold in the March quarter and the suburb had a median sale price in the year to March of $405,000.
The average time in the march quarter for a house to sell in in Eglinton was 57 days, Butler (80 days), Yanchep (90 days), Alkimos (102 days), Two Rocks (104 days) and Jindalee (109 days).
The median house rental in the March quarter for Eglinton was $340, for Butler ($345) and for Yanchep, Two Rocks and Alkimos ($350).
REIWA President Hayden Groves said the latest preliminary data showed Perth’s preliminary median house price came in at $520,000 for the March 2016 quarter.
“The median house price is down 3.7 per cent on the revised December 2015 quarterly median of $540,000 and with the high number of transactions in the lower end of the market, this comes as no surprise,” he said.
The preliminary median land price increased to $305,000 for the three months to March, up 8.9 per cent on the December quarter.
Annually, the land median price has jumped 13.1 per cent.
Mr Groves said further analysis of the data showed that the majority of land sales, around 42 per cent, were smaller lots between 320sqm and 499sqm with a median of $309,000.
“When we break down the figures, we can see a higher demand for smaller lots and that people are paying a premium for them, particularly in inner urban areas.”
“We’re seeing a shift from people wanting a larger block to now seeking something that’s more manageable and better suited to their busier lifestyles.’’
He said preliminary sales volumes for the three months to March were 5852, down from 8798 in the December 2015 quarter.
“Those selling their property can expect for it to take a little longer to sell with the average selling days for a house in the Perth metropolitan area increasing to 65 days, up six days on the previous quarter and 10 days on the same period last year.
“With buyers being presented with plenty of choice, it’s taking sellers a little longer to secure a deal so it’s important they price their property right for the current market conditions from the start to avoid unnecessary discounting.’’
Perth’s overall median rent price came in at $395 a week for the three months to March which equates to $400 for houses and $380 for units.
Mr Groves said that the overall median rent was down by $5 a week on the previous quarter which was good news for tenants.
The number of overall listings has increased in the Perth metropolitan area by five per cent to 9658.