perth data

I am not really a believer in the importance of Medians especially R.P.Data but thought I would get in comment before the Perth bears get home from the factory. Anybody playing the realestate game in Perth will state that the market turned in Feb 2012. Rents increased, vacancy rates started falling and housing activity increased. The supply of listings has been coming down each week and now sits at 12,800. The number of sales each week has averaged around 800. The only thing that has kept the median down is the type of properties selling. Well after couple of rate decreases and more activity in the market we see a median increase of 2%. Does not sound like much but it is early days in the cycle and it is winter. Will the increases keep coming, who knows but there is no sign yet of a flood of listings from desperate sellers. The jobs are here, the people keep coming and new house construction has stalled.
The doom sayers will cry China is tanking we are all doomed. Rubbish there are so many projects mid stream and construction awaiting that any slowdown will be welcomed by many as a chance to get their projects up. I feel sorry for anybody that is still waiting for prices to fall in Perth, maybe just maybe your idols are full of hope rather than knowledge.