REIWA: Real Estate Returns to 15-Year Average

A new report from the Real Estate Institute of Western Australia (REIWA) has suggested that sales activity in the Perth housing market has emerged from three years of volatility - returning to results more in line with its 15-year average.

The publication, which covers the March quarter of 2013, revealed that there was a 14 per cent increase in turnover during the first three months of the year, and a $5,000 surge in the Perth median house price.

However, REIWA president David Airey pointed out that this increase is not likely to have a major impact on everyday real estate buyers, as it is largely down to the composition of sales. For example, he pointed out that a higher volume of more expensive homes sold over the quarter, which pushed the figure up.

So-called trade-up buyers, he said, are purchasing real estate in Perth valued at $600,000 to $800,000 - and in doing so, freeing up other properties so that first-time buyers can enter the WA real estate market.

The current median house price in the WA capital city is $510,000 - a new record.

In comparison, the median price of units in Perth increased by $10,000 over the quarter, reaching $425,000.