WA Home Growth – June Quarter Report 2010

A report released from the The Real Estate Institute of Australia (REIA) for the June quarter 2010 shows a better performance from the Australian residential property market than from the previous quarter.

The report showed median house prices increased on average 3.2 per cent.

Although house price growth slowed over the year, the growth rate is well above the annual average. Compared to the same quarter of last year, house prices increased across all Australian capital cities, with growth rates ranging from 8.9 per cent to 26.5 per cent.

Despite reticence from a number of potential buyers, auction clearance rates remained fairly high on average over the June quarter, with the prestige market slowing and the more affordable areas picking up pace. As we move into spring this continues to be the case.

Positive results were also seen in a 2010 survey which posed questions to 1028 Australians who refinanced their home in the past year. It found 68 per cent saw their interest rate drop upon doing so and, of these, almost one quarter (23 per cent) were now saving more than $300 per month. Close to nine in every 10 (88 per cent) were saving more than $50 per month.

Rents for three-bedroom houses remained unchanged in Western Australia over the June quarter.

A healthy property market for the rest of the year is expected, with an increase in activity in both medium and long term.

Read more: http://evergreen.sobox.com.au/2010/09/17/wa-home-growth-june-quarter-report-2010/