Real estate in Perth has experienced a rise in its median property values, hitting the $500,000 mark for the final quarter of last year.
The figures were compiled by the Real Estate Institute of Western Australia (REIWA) and the Chamber of Commerce and Industry, with the half million mark 6.4 per cent higher than the same period in 2011.
Statistics have indicated that the March 2013 quarter will equal the $505,000 high, which was last seen in the 2010 March quarter.
REIWA president David Airey attributed a rise in the median property values to a lack of stock as transaction rates improve, especially in that $500,000 range.
He said: "Now that the market appears to have turned in favour of sellers many may be holding back with the expectation of a better price in the months ahead.
"Until more sellers list their properties and until we get more new homes onto the market from builders, then competition from buyers will put pressure on prices."
Given that there is a turnover rate of 1,000 properties a week, and given that Perth's population is increasing by about 1,000 a week, the housing sector will continue to be put under pressure, Mr Airey added.
The president clarified his comments by saying that it is not a boom, but is a simple reaction to increasing demand. As a result, he advised that sellers should consider putting their properties on the market.
