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Perth median house price continues to increase

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An industry group reports that the Perth's median house price rose for second month in a row

Perth’s median house price increased for the second month in a row, according to the Real Estate Institute of Western Australia (REIWA).

The median house price rose 1.6 % to $518,000 during November, jumping from a fairly flat trend throughout the year.

The report also showed that there were a greater proportion of transactions occurring above $1 million than there were in October. This contributed to the higher median house price over the period.

Willetton, Baldivis, Canning Vale, Duncraig and Ellenbrook were the top-selling suburbs, while Quinns Rock, Willetton, Doubleview, Leeming and Wellard recorded the biggest improvement in sales volumes, percentage-wise.

The city’s overall median rent price remained steady at $350 per week in November. However, the median unit rent price rose by $5 to $330 per week during the last month. When compared to the August median unit rent this year, the November data showed that the unit rent has hiked by $10 per week.

 The overall median and median house rent, on the other hand, were stable at $360 per week.

Percentage-wise, the suburbs of Kardinya, Coolbellup, Bedford, Kelmscott and Harrisdale had the biggest increase in leasing activity. Perth, East Perth, Scarborough, South Perth and Baldivis, meanwhile, logged the largest number of leased properties.

The Perth Metro region still registered subdued overall sales activity, but there are numerous suburbs that saw notable improvements in sales.

Finally, listings for sale were 5% higher at the end of November than they were at the end of October.

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