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Perth’s median house price is tipped to hit $500,000 mark in the March quarter amid burgeoning confidence, according to the Real Estate Institute WA. 

It follows a 22 per cent jump in the number of properties for sale in the metropolitan area since December, with a current supply of 12,700 properties. 

The figure includes a welcome boost to the notoriously tight market for vacant blocks, with more than 2000 blocks of land for sale at the end of March. 

It is not the first time recently Perth homes have been linked to a half a million dollar median price, with Australian Property Monitors claiming two months ago that homes in the metropolitan area had already reached this level. 

But it is the first time that the more conservative REIWA has made the prediction.

REIWA President Alan Bourke said the increase in listing showed buyers and sellers believed the worst of the global financial crisis was now behind them. 

Soyrce  :  www.thewest.com.au

 

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