The median house price for most of Perth are in January 2019 has dipped one per cent since December 2018. Although $505,000 median house price is lower than last month’s, there are still excellent opportunities at all aspects.
The change in median prices in majority of the Perth area is caused by a number of factors. According to the Herron Todd White’s Report, “the over-supply of apartments coupled with diminished population figures continue to put negative pressure on established apartment values.” This is true to suburbs that are a few kilometers from Perth CBD with majority of the properties being old, partially or fully-renovated. Although, the price median can be higher than that of Perth’s it still has dipped around 2 per cent since last December 2017.
“There are a lot of factors that go into the thought process of buying a property and sometimes, emotionally driven decisions can make purchasers pay over market value,” based on this same Herron Todd White Report. Like in Woodvale, the median price of $610,000 in December 2018 have stabilized and also has an increase of 1.7 per cent since December 2017. Newly built houses but of smaller area allotment are good for couples who are yet to plan for a child, on the other hand family with children are willing to buy an older house but with much more space since the extra space will work better for them.
Overall, there are a wide array of properties near the median house price all over the state of Western Australia. Opportunities within the Perth metropolitan area are almost overwhelming, which is basically, good for the current market, as well as future investors and participants.