The Real Estate Institute of Western Australia is badging a small December rise in median Perth house prices as a potential turning point in WA's house price woes.
Though only recording a modest increase of about 0.5%. it represents a shift in fortunes according to the REIWA, with median prices having declined since March 2010 to the current price of $465,000.
The rise has been caused by trade-up buyers countering the influence of first homebuyers, who have been skewing figures downward by trading larger volumes of lower priced stock.
“REIWA data show that while first home buyers continue to be increasingly active in the market, we saw an increase in trade-up buyers during the December quarter and an increase in house sales of around 6 to 7 percent which may have put a floor under prices,” president David Airey said.