The Mandurah housing market is showing signs of recovery, with it currently a good time to buy but not ideal for sellers, according to WA’s real estate authority.
The latest statistics for quarter 2 of 2018 show the number of sales have decreased annually in Mandurah, Dawesville, Halls Head and Pinjarra – but grown 25 per cent in Falcon.
The median sales prices of homes in the five suburbs have largely remained consistent, with Falcon recording the biggest increase – 13 per cent from $332,500 to $360,000 over 12 months.
The number of listings for sale has increased over the last 12 months, while the number of properties available for lease has dropped.
Real Estate Institute of Western Australia president Hayden Groves said the Mandurah housing market has started to improve.
“If you are not compelled to sell right now, you should be off the market because you are not going to get your dream price currently,” he said.
“Look again in 12 months’ time as we will have seen some moderate growth in the Mandurah region in that time.
“If you are compelled to sell, the conditions are better now than 12 months ago.
“The time to buy is pretty much now. The premium time has probably passed us in some of these areas, not by long.”
Mr Groves picked Falcon out for specific focus, with the anomaly of both the number of sales and the median price both increasing over the last 12 months.
“Falcon is interesting – there have been considerable increases in median prices and transaction activity – normally that doesn’t happen in a difficult market,” he said.
“With this happening, the Falcon market has already matured and moving forward. Falcon is leading the way.
“We haven’t seen competitive buyer activity across the metropolitan region in some time – to see it in a place like Falcon, which is a lifestyle-driven environment, is really encouraging.”