September Quarter 2016 market update. Quarterly review of the WA residential property market SAMPLE

September Quarter 2016 market update review of the WA residential property market

Contents REIWA MARKET UPDATE WA Real Estate Indicators 3 Perth Housing and Land Market 4 Perth Overview 6 Perth Central Sub-Region 8 Perth North-West Sub-Region 16 Perth North East Sub-Region 20 Perth South East Sub-Region 24 Perth South West Sub-Region 28 Perth Rental Report 32 Dwellilng Overview 34 Land Overview 35 Regional WA Real Estate Report 36 Lifestyle Living Summary 46 Macro Growth Rates 50 Economic Overview 51 Statistical Concepts and House Measurement 51 Centre Spread Lift-out colour maps Perth House s Median prices of established house sales for 12 months to September 2016 Regional House s Median prices of established house sales (land less than 1Ha) in major regional centres for 12 months to September 2016 About the REIWA Market Update The Market Update is a quarterly review of the property market in Western Australia and is published by the Real Estate Institute of WA. While REIWA has full confidence in the data contained in this document, no warranty, guarantee or holding out, either expressed or implied is given and persons or companies who pursue real estate investment or otherwise and act on the basis of this data do so at their own risk. Issue 102 REIWA 2016 This publication is copyright. Only REIWA members may copy or reproduce any part of this publication without authorisation. EDITOR & ANALYST Lisa Kazalac Ronak Bhimjiani Dillon Kanbi COVER PHOTO istock: Dirk Tacke PRODUCTION & DESIGN Jan Burt PRINTING Printforce CONTACT REIWA PO Box 8099, Subiaco East 6008 TEL (08) 9380 8222 FAX (08) 9380 8289 SUBSCRIPTION marketupdate@reiwa.com.au unlocking opportunities Proudly supported by llestpac The key to real estate is spotting value. Our real estate specialists have expert industry knowledge to help you with anything from a simple and secure rent collection system, to the purchase of rent rolls (thanks to our tailored rent roll funding). So you can spend more time growing your business. Talk to our WA Real Estate Relationship Manager about how we can support you: Aamna Bhatia on 0438 997 675 Or visit http://www.westpac.com.au/businessbanking/industries/real-estate/ UI 2 MARKET UPDATE SEPTEMBER QUARTER 2016

REIWA MARKET UPDATE WA Real Estate Indicators WA consumer sentiment moderates in September Western Australia s Consumer Sentiment Index has fallen a significant 14.2 per cent in September to 89.2 - the lowest level of the five major states. The decline comes on the back of solid improvements in consumer sentiment in August with WA consumers now concerned about current and near future economic conditions. Economic conditions over the next 12 months was the main reason for the consumer pessimism, although economic conditions over the next five years has seen a boost in confidence. Compared to consumer sentiment levels a year ago, Western Australia is up 2.0 per cent but remains the lowest amongst the states. According to the latest figures from the Australian Bureau of Statistics (ABS), domestic demand in Western Australia fell 2.5 per cent in the June quarter to $49.6 billion, its lowest level since June quarter 2011 in seasonally adjusted terms. The main factor of the fall is the decline in private capital investment, which was down by 4.9 per cent to $39.2 billion. The good news is household consumption in the state is still growing at a moderate pace at $25.2 billion. Public capital investment also had its strongest quarter on record, up 7.4 per cent to $10.3 billion. State final demand excludes exports and imports, which is Western Australia s main commodity in international trade, but remains the best representation of the state s economy. Overall Australia s economy increased 3.3 per cent at the end of the 2016 financial year, led by Australian Capital Territory (3.8 per cent) and Northern Territory (2.4 per cent). Index (no.) WESTERN AUSTRALIA REAL ESTATE INDICATORS - SEPTEMBER QUARTER 2016 September Qtr 2016 Preliminary June Qtr 2016 Revised % change from previous quarter % change from previous year Median sale price 1 Houses, Perth $510,000 $532,000-4.1% -4.1% Houses, Regional WA $348,000 $350,000-0.6% -7.2% Units/apartments, Perth $425,000 $410,000 3.7% -1.2% Units/apartments, Regional WA $273,500 $300,000-8.8% -13.2% All Dwellings, Perth $495,000 $515,000-3.9% -4.1% All Dwellings, Regional WA $340,000 $350,000-2.9% -8.1% Land, Perth $295,000 $259,500 13.7% 13.2% Land, Regional WA $170,000 $178,000-4.5% 0.0% Buyer type 2 (% of total dwellings sold in WA) First home buyer 20.1%* 19.9% 0.2% pts -2.0% pts Trade-up Buyers 63.4% 61.5% 1.9% pts -2.8% pts Investor 16.5%* 18.6% -2.1% pts 4.8% pts 1 Houses, WA 5,206 7,617-31.7% -34.8% Units/apartments, WA 1,011 1,372-26.3% -30.9% Total dwellings WA 6,217 8,989-30.8% -34.2% Land, WA 899 2,256-60.2% -69.3% Average selling days residential property, Perth 69 67 2 days 5 days to listings ratio, Perth 38.7% 62.1% -23.4% pts -26.2% pts Properties for sale (end of qtr), Perth 14,164 14,134 0.2% -4.9% Rental Market 3 Vacancy rate, Perth 6.6% 6.0% 0.6% pts 1.0% pts Median weekly rent $370 $380-2.6% -7.5% Construction 4 Building approvals, all dwellings WA 5,219* 5,220 0.0% -26.5% Finance 5 Home loan approvals, WA (includes refinancing) 20,239* 19,019 6.4% 7.9% Interest Rates 6 (at quarters end) Official Cash Rate 1.50% 1.75% -0.25% pts -0.5% pts Standard Variable Bank Home Loan Rate 5.25% 5.40% -0.15% pts -0.2% pts Consumer Index 7 Perth 108.6 108.2 0.4% 0.5% Weighted Average - Eight Capital Cities 109.4 108.6 0.7% 1.3% 135 125 115 105 95 85 75 65 Sep-16 Jul-16 May-16 Mar-16 Jan-16 Nov-15 Sep-15 Jul-15 May-15 Mar-15 Jan-15 Nov-14 Sep-14 Jul-14 May-14 Mar-14 Jan-14 Nov-13 Sep-13 Jul-13 May-13 Mar-13 Jan-13 Nov-12 Sep-12 Jul-12 May-12 Mar-12 Jan-12 Nov-11 Sep-11 Jul-11 May-11 Mar-11 Jan-11 Source: Westpac-Melbourne Institute Consumer Sentiment Index, Western Australia v National Western Australia National Index WA National Current month Sep-16 89.2 101.4 Previous month Aug-16 103.9 101.0 Previous year Sep-15 87.5 93.9 Five years ago Sep-11 108.0 96.9 Month -14.1% 0.4% Year 1.9% 8.0% Preliminary median house and unit prices and estimated sales volume for current quarter based on a dataset of approximately 70-75% of transactions for the quarter. Median house & land prices for sales less than 1 Ha. Land sales estimates based on approximately 50% of expected transactions for the quarter. Figures are therefore subject to revision. 1 Median sales prices are derived from Landgate sales information & includes sales on lots less than 1 Ha Dwelling for current quarter based on assumption that analysis conducted on 70% sample of data. Land for current & past quarters based on assumption that only ~50% of sales have settled. Due to pre-selling & settlement lags, - final Land figures not available for up to 12 months. Average selling time and sales to listing ratio are taken from REIWA.COM. 2 Buyer type information from the Australian Bereau of Statistics 3 Rental market data from REIWA.COM and member surveys. 4 Building approvals data from the Australian Bureau of Statistics. 5 Finance approvals data from the Australian Bureau of Statistics - latest figure may average for last month of quarter. 6 Interest rate data from Reserve Bank. 7 CPI data from Australian Bureau of Statistics. * Data as of 3 months to Aug 2016 SEPTEMBER QUARTER 2016 MARKET UPDATE 3

OVERVIEW PERTH REGION Multi-residential Dwelling Market Perth Housing and Land Market PERTH REGION Housing Market A decline in sales activity can be seen within the overall Perth Metro Region as sales turnover has dropped by 32 per cent in the September 2016 quarter compared to revised turnover for the June 2016 quarter. The latest preliminary data continues to show sales volumes retracing further away from the fifteen year long-term average. It is important to note however, that settlements take time to come through, and whilst volumes are low for the September quarter, it can be observed that revised June 2016 quarter data show an increase of approximately 40 per cent in sales activity on preliminary figures. Looking at the Perth monthly sales chart which uses reiwa.com data (reported sales by REIWA members), it can be seen that sales volumes are continuing to trend downwards on a monthly basis since February 2016. The reiwa.com monthly sales data provides a leading indicator on sales volumes given the nature of the data being reported rather than settled. Preliminary house sales data shows that all of the sub-regions are lower at the end of the September quarter compared to the June 2016 quarter. The dropoff in volume figures as a whole may be explained by the general sentiment of consumers towards the local economy as well as a recent shift in population trends, with net interstate migration trends reversing and net overseas migration declining from the peaks experienced in 2013. In the June 2016 Market Update report, the preliminary house median was reported at $520,000, which, as more settlements filtered through, has now been revised to $532,000 on a quarterly basis. The preliminary median house price for the quarter ending September 2016 is $510,000, and it is expected that this will lift as further house sales transactions settle. From a sub-regional perspective, The preliminary sales volumes for the multi-residential market for the September quarter are showing sales at 881, compared to a revised June 2016 quarterly figure of 1,203. At the time of publication of the June edition of Market Update, sales volumes were only at 878. This demonstrates a further lift in volumes of around 37 per cent. It can be expected that sales in the multi-residential market will also lift once figures are revised in the next quarter. The drop off in sales continues to exist for the sixth quarter running and has been on an overall downward trend since the early part of 2013. have decreased in all but one of the sub-regions for the September quarter, with the largest decline coming from the North West sub-region, down approximately 36 per cent against revised June 2016 quarter results. As was the case until June 2015, the multiresidential median price moved in a tight band of $440-$450,000. However, between the quarters ending March 2016 and June 2016, median prices showed signs of decreasing. For the latest quarter ending September 2016, preliminary multi-residential median prices have lifted by approximately four 3500 3000 2500 2000 1500 1000 500 PERTH MONTHLY HOUSE SALES House Median House Source: reiwa.com (C) $600,000 $575,000 $550,000 $525,000 $500,000 $475,000 $450,000 0 $425,000 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 all have experienced medians decreasing by between one and seven per cent on a quarterly basis. However, on an annual basis (which is more stable measure of the market), medians have fallen by varying amounts between 2.8 and 5.4 per cent. per cent to $425,000. The revised June 2016 quarter median is slightly higher at $410,000 from the initially reported $405,500. The larger Central sub-region has seen median prices increase by around five per cent this quarter. However, the greatest change in multiresidential median prices has occurred in the South East sub-region where the median price has climbed from $247,000 in June 2016 to $285,500 (preliminary September 2016 quarter). 4 MARKET UPDATE JUNE QUARTER 2016

PERTH REGION Perth Housing and Land Market Land Preliminary figures show land sales continuing to trend lower into the latest September 2016 quarter, which further prolongs the downward trend seen since March 2013. However, it is worth noting that it can take up to four quarters for settled land transactions to come through. For instance, revised figures for the June 2016 quarter came in approximately 127 per cent higher than what was reported in the June 2016 Market Update. This quarter, the preliminary sales for land is at 616. As was reported in the previous four editions, the median land price continues to trend upwards, and in the case of the September 2016 quarter, the median price has lifted by another 13.7 per cent since the June 2016 quarter. As prices have remained somewhat consistently higher, with sales weakening, this market remains an interesting area to watch. Listing Stock and Selling Days Total listings at the end of the September 2016 quarter were down to 14,170, a decrease of three per cent. The Perth Metro region saw an increase in average selling days for houses, units and land (aggregated) at 68 days for the September 2016 quarter. Most sub-regions in the Perth Metro region saw an overall increase in average selling days over the quarter. However, on a positive note, the North East subregion experienced a decrease of 3 days to sit at 69 days for the quarter. Seller Sentiment - Houses In the overall market for the Perth Metro region, the proportion of sellers discounting has decreased to 51.8 per cent during the September 2016 quarter, down 8.8 percentage points. However, when comparing to the same time last year, sellers discounting remains at similar levels. In terms of the size of the discount being offered in the market, for the Perth Metro region, on average sellers are discounting by 6.7 per cent, a marginal increase of 0.8 percentage points from the June 2016 quarter. This signals that there is still a strong level of competition in the market amongst sellers. In terms of the overall market sentiment for the September 2016 quarter, sentiment towards the market is still negative at the level of -4.0 per cent. AVERAGE SELLING DAYS 100 90 80 70 60 50 40 30 20 10 0 PERTH METRO REGION SELLERS' MARKET Sep-06 Sep-08 FHOG BOOST Sep-10 BUYERS' MARKET Listings - PMR Ave Selling Days Sep-12 Source: reiwa.com SELLERS' MARKET Sep-14 BUYERS' MARKET 0 Sep-16 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 LISTINGS OVERVIEW PERTH REGION SEPTEMBER QUARTER 2016 MARKET UPDATE 5

OVERVIEW PERTH REGION SUB-REGIONAL ANALYSIS PERTH RESIDENTIAL MARKET YEAR TO SEPTEMBER 2016 ANNUAL SALES, MEDIAN & QUARTILE PRICES NORTH WEST Perth Overview PERTH REGION NORTH EAST House 4,292 Multi-Res 214 Land 1,257 Upper Quartile $650k $445k $340k Median $520k $380k $258k Lower Quartile $440k $340k $215k in Median CENTRAL House 8,861 Multi-Res 3,758-1.0% -1.3% -0.8% Land 932 Upper Quartile $940k $595k $635k Median $681k $455k $460k Lower Quartile $515k $365k $330k in Median SOUTH WEST House 3,400-1.3% n.c. 1.5% Multi-Res 382 Land 1,441 Upper Quartile $535k $400k $310k Median $445k $350k $243k Lower Quartile $370k $270k $196k House 2,555 Multi-Res 130 Land 1,031 Upper Quartile $554k $392k $294k Median $460k $340k $247k Lower Quartile $407k $310k $212k in Median PERTH METRO House 21,793-1.1% n.c. -2.2% Multi-Res 4,591 Land 5,864 Upper Quartile $710k $565k $345k Median $530k $425k $265k Lower Quartile $427k $345k $215k in Median SOUTH EAST House 2,685-0.9% -0.7% 1.9% Multi-Res 107 Land 1,203 Upper Quartile $540k $345k $295k Median $435k $300k $240k Lower Quartile $360k $249k $205k in Median -1.1% 0.3% 1.3% in Median -1.1% -3.2% n.c. Data is for settled and pending sales data for the Year to June 2016 as at 24th October 2016 and may vary from other tables in this publication. volumes are estimates based on 70% dwelling sales sample & 30-35% land sales sample for latest quarter. The Upper Quartile is the value of the bottom of the top 25% of the market - 25% of sales occurred above this price. The Median is the middle value of all sales placed in ascending order fom the cheapest to the most expensive. The Lower Quartile is the value of the top of the bottom 25% of the market - 25% of sales occurred below this price. 50% of sales fall within the values of the Upper and Lower Quartiles. 6 MARKET UPDATE JUNE QUARTER 2016

PERTH REGION Perth Overview RESIDENTIAL REAL ESTATE SALES BY PRICE RANGE SEPTEMBER QUARTER 2016 Source : Landgate/REIWA PERTH METRO REGION HOUSE Year to June 2015 % of total sales Year to June 2016 % of total sales March Qtr 2016 % of total sales June Qtr 2016 % of total sales Up to $200,000 28 0.1% 49 0.2% 15 0.2% 20 0.5% $200 - $300,000 562 1.8% 475 1.7% 201 3.3% 173 4.3% $300 - $350,000 1472 4.6% 1204 4.4% 344 5.7% 266 6.6% $350 - $400,000 2431 7.6% 2317 8.5% 614 10.2% 435 10.7% $400 - $450,000 3718 11.7% 3521 12.9% 724 12.1% 574 14.2% $450 - $500,000 3850 12.1% 3248 11.9% 684 11.4% 487 12.0% $500 - $550,000 3608 11.3% 2857 10.5% 612 10.2% 426 10.5% $550 - $600,000 3035 9.5% 2388 8.8% 481 8.0% 283 7.0% $600 - $650,000 2339 7.3% 1854 6.8% 404 6.7% 259 6.4% $650 - $700,000 1737 5.5% 1524 5.6% 296 4.9% 201 5.0% $700 - $800,000 2592 8.1% 2268 8.3% 449 7.5% 303 7.5% $800 - $900,000 1927 6.1% 1623 6.0% 336 5.6% 194 4.8% $900 - $1 million 1123 3.5% 920 3.4% 169 2.8% 102 2.5% $1 - $1.5 million 2251 7.1% 1998 7.3% 446 7.4% 233 5.8% Over $1.5 million 1155 3.6% 965 3.5% 229 3.8% 94 2.3% UNIT Up to $200,000 62 0.8% 54 0.9% 31 2.6% 21 2.4% $200 - $250,000 224 3.0% 220 3.7% 61 5.1% 40 4.5% $250 - $300,000 511 6.7% 426 7.2% 102 8.5% 74 8.4% $300 - $350,000 824 10.9% 768 13.0% 172 14.3% 106 12.0% $350 - $400,000 1039 13.7% 813 13.7% 204 17.0% 126 14.3% $400 - $450,000 1123 14.8% 931 15.7% 144 12.0% 129 14.6% $450 - $500,000 867 11.4% 605 10.2% 109 9.1% 78 8.9% $500 - $550,000 708 9.3% 484 8.2% 87 7.2% 69 7.8% $550 - $600,000 556 7.3% 352 5.9% 62 5.2% 56 6.4% $600 - $700,000 672 8.9% 506 8.5% 84 7.0% 70 7.9% $700 - $850,000 473 6.2% 329 5.6% 55 4.6% 56 6.4% $850 - $1 million 207 2.7% 159 2.7% 29 2.4% 21 2.4% Over $1 million 313 4.1% 276 4.7% 63 5.2% 35 4.0% VACANT LAND Up to $150,000 433 3.0% 138 1.4% 41 2.4% 16 2.6% $150 - $175,000 1033 7.2% 496 5.0% 101 6.0% 25 4.0% $175 - $200,000 1606 11.2% 1049 10.6% 219 13.0% 61 9.8% $200 - $225,000 1948 13.5% 1344 13.5% 206 12.2% 59 9.5% $225 - $250,000 2006 13.9% 1237 12.5% 211 12.5% 56 9.0% $250 - $275,000 1525 10.6% 1223 12.3% 172 10.2% 49 7.9% $275 - $300,000 1280 8.9% 1056 10.6% 154 9.2% 66 10.6% $300 - $350,000 1666 11.6% 1345 13.6% 194 11.5% 74 11.9% $350 - $400,000 952 6.6% 652 6.6% 95 5.6% 55 8.8% $400 - $500,000 871 6.1% 502 5.1% 110 6.5% 65 10.4% $500 - $750,000 728 5.1% 629 6.3% 120 7.1% 73 11.7% $750 - $1 million 158 1.1% 128 1.3% 22 1.3% 15 2.4% Over $1 million 185 1.3% 120 1.2% 38 2.3% 10 1.6% Housing Market The preliminary median house price for the September 2016 quarter is $510,000, with the majority of house sales for the quarter sitting within the price range of $400-$500,000. In comparison to the June 2016 quarter, the percentage of transactions within the higher price ranges of $800,000 to greater than $1.5 million are at lower levels for the latest quarter. The $550-$650,000 price range also observed a marginal decline in percentage of sales transactions in comparison to the June 2016 quarter. On the other hand, a greater number of transactions are evident in the lower priced market ($200- $550,000).The higher transactions at the lower end of the market explains the decline of 4.1 per cent in the preliminary median house price for the September quarter. Multi-residential Market The preliminary median unit price is $425,000 for the latest quarter ending September 2016. During this latest quarter, the $400-$450,000 price range saw the most action in terms of sales. On the other hand, during the June 2016 quarter, most sales occurred within the $350-$400,000 price range. The higher end of the market ($500-850,000) also recorded an increase in percentage sales activity in comparison to the June 2016 quarter. In contrast, the lower end of the market below $400,000 recorded a decrease in percentage sales activity in the September 2016 quarter compared to the June 2016 quarter. This explains the improvement of 3.6 per cent in the preliminary median unit price for the September 2016 quarter. OVERVIEW PERTH REGION Analysis includes all sales transactions including houses and land on lots > 1 Ha Land There continues to be a clear positive shift in the percentage of land sales between the $275,000 - $1 Million price ranges. The chart also indicates softening in most of the markets below $275,000. The shift in sales towards the higher end of the market explains the 13.7 per cent increase in the preliminary median land price for the September 2016 quarter. SEPTEMBER QUARTER 2016 MARKET UPDATE 7

PERTH REGION Central Sub-Region PERTH REGION CENTRAL SUB-REGION Housing Market Preliminary data for the September 2016 quarter, show early indications the volume of house sales in the Central subregion is down by approximately 34 per cent in comparison to the previous quarter. Whilst this decline is more than the June 2016 quarter, REIWA expects revised September quarter data to lift in coming months as more transactions settle. The preliminary figures shows sub-markets including Western Suburbs (down 48 per cent), Vincent/Stirling SE (down 47 per cent), Belmont (down 41 per cent), Stirling West (down 33 per cent), Fremantle (down 32 per cent) and South Perth/ Victoria Park (down 32 per cent), all experienced falls in the number of sales by greater than 30 per cent for the September quarter. Preliminary data has the overall Central sub-region quarterly median for the September quarter down by 6.5 per cent to $645,000 over the revised June quarter median of $690,000. At a sub-market level, the preliminary medians were mixed across the board with drops ranging from -1.9 per cent in Bassendean/Bayswater to -12.8 per cent in South Perth/ Victoria Park. The better performing sub-market included: Canning (-0.5 per cent), Stirling West (-2.4 per cent), Belmont (-3.0 per cent) and Melville (-3.9 per cent). In terms of the change in annual medians, all sub-markets in the Central sub-region have recorded a negative change, with drops recorded from -2.7 per cent in the Western Suburbs to -12.8 per cent in Perth City sub-market. There are a few suburbs in the sub-region that shone a positive light including: Burswood (+16.7 per cent), Swanbourne (+14.8 per cent) and Trigg (+12.9 per cent). $750,000 $700,000 $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 Sep-11 PERTH CENTRAL SUB-REGION Sep-12 HOUSE SALES - CENTRAL HOUSE MEDIAN - CENTRAL PMR HOUSE MEDIAN Sep-13 TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE Sep-14 CENTRAL 4,500 10 Year Ave Sep-15 House 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Sep-16 Year to September 2016 Median Highest in Riverton 64 $690,000 $1,900,000 8.9% Attadale 74 $1,066,250 $4,130,000 7.4% Bentley 51 $550,000 $750,000 5.3% East Cannington 67 $520,000 $980,000 4.0% Alfred Cove 44 $884,000 $1,730,000 3.5% Woodlands 46 $875,000 $2,100,000 2.9% Fremantle 62 $846,500 $2,050,000 2.9% Wilson 81 $550,000 $988,000 2.8% South Perth 73 $1,225,000 $4,300,000 2.1% Ascot 31 $770,000 $1,850,000 2.0% Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. The suburbs with the greatest decline in annual change in annual medians include: O Connor (-28.0 per cent), Waterford (-25.5 per cent), Coolbinia (-19.0 per cent) and Joondanna (-18.0 per cent). The top three performing suburbs based on quarterly change in annual median include: Riverton (+8.9 per cent) with a median of $690,000, Attadale (+7.4 per cent) with a median of $1,066,250 and Bentley (+5.3 per cent) with a median of $550,000. $1,200,000 PERTH INNER SUB-REGION 1,200 $700,000 PERTH MIDDLE SUB-REGION 3,000 $1,000,000 $800,000 $600,000 10 Year Ave 1,000 800 600 $600,000 $500,000 10 Year Ave 2,500 2,000 $400,000 400 $400,000 1,500 $200,000 $0 Sep-11 Sep-12 HOUSE SALES - INNER HOUSE MEDIAN - INNER PMR HOUSE MEDIAN Sep-13 Sep-14 Sep-15 200 0 Sep-16 $300,000 $200,000 Sep-11 Sep-12 HOUSE SALES - MIDDLE HOUSE MEDIAN - MIDDLE PMR HOUSE MEDIAN Sep-13 Sep-14 Sep-15 1,000 500 Sep-16 8 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION Central Sub-Region STOCK OF HOUSE LISTINGS & SELLING DAYS SEPTEMBER QUARTER 2016 Source: reiwa.com SUB-MARKETS & SUBURBS Listings at Sept Average House Listings Quarter 2016 Selling Days (p) Inner 1,971 728-1.5% -13.9% 62 0 2 Fremantle 261 121-6.2% -14.8% 61-12 5 Perth City 473 41 5.1% -10.9% 42-36 -29 South Perth/Victoria Park 573 257 2.8% -3.0% 68 2 4 Vincent 146 51 24.4% -1.9% 53-2 3 Western Suburbs 518 258-7.9% -24.3% 62 7 3 Middle 3,304 1,845-2.3% -1.0% 64 4 9 Bassendean/Bayswater 523 297-2.3% -7.8% 61 3 13 Belmont 358 149-15.3% -5.1% 70 11 12 Canning 446 289-2.7% 5.5% 53-6 6 Melville 558 399-4.3% -5.9% 73 9 13 Stirling East 821 440 10.0% 7.8% 66 4 6 Stirling SE 132 60 7.1% -14.3% 68 3 10 Stirling West 466 211-11.3% 1.0% 59 7 3 Central Sub-Region 5,275 2,573-2.1% -5.1% 63 3 7 Perth Metro Region 14,170 8,649-0.6% -6.5% 68 3 5 CENTRAL SUB-REGION PERTH REGION SELLER SENTIMENT: HOUSES SEPTEMBER QUARTER 2016 SUBMARKETS Overall Market Variance Listing vs Sold Listing Stock and Selling Days The overall stock of house listings in the Central sub-region declined in the September 2016 quarter by 2.1 per cent to 2,573. The middle subregion contributed the most to the drop in house listings, decreasing by 2.3 per cent over the quarter. The Perth Metro region also saw a decline in house listings but by a smaller magnitude of 0.6 per cent for the quarter. Average selling days for houses increased in the Central sub-region by three days to 63 days for the quarter and is seven days higher than last year. The only sub-market to record a reduction in average selling days was Canning which now only takes 53 days to sell a house. The Perth Metro Region saw an increase in days on market to 68 days for the quarter. September Quarter 2016 June Quarter 2016 September Quarter 2015 Overall Market Listing & Sold Overall Market Proportion Listing & Sold Proportion Proportion Variance Variance Variance of Vendors Variance for Discounting of Vendors of Vendors Listing vs Sold for Discounting Listing vs Sold Discounting Vendors Discounting Discounting Vendors Source: reiwa.com Listing & Sold Variance for Discounting Vendors Central Sub-Region -4.5% 45.3% -7.2% -4.8% 34.8% -7.8% -4.0% 49.0% -6.6% Bassendean/Bayswater -3.5% 53.8% -6.4% -3.6% 58.9% -6.4% -4.0% 46.3% -5.6% Belmont -4.0% 47.0% -7.4% -3.2% 49.2% -6.0% -4.9% 44.7% -8.3% Canning -3.7% 51.9% -6.2% -4.3% 56.0% -6.7% -3.6% 48.4% -5.5% Fremantle -3.1% 41.1% -6.0% -3.6% 47.0% -7.3% -3.9% 38.5% -4.5% Melville -4.6% 50.8% -7.9% -5.2% 58.9% -7.2% -3.9% 56.7% -5.9% Perth City -4.2% 30.0% -4.7% -6.6% 34.8% -10.5% -4.1% 73.9% -5.0% South Perth/Victoria Park -4.6% 39.2% -7.4% -4.5% 47.3% -8.4% -4.1% 51.1% -7.9% Stirling East -3.6% 51.6% -7.0% -3.6% 52.9% -6.8% -3.6% 56.1% -6.2% Stirling West -3.8% 42.9% -5.5% -4.5% 34.8% -6.5% -3.5% 42.0% -5.7% Vincent/Stirling SE -3.7% 34.0% -6.0% -3.9% 52.2% -5.6% -4.1% 48.0% -7.4% Western Suburbs -6.5% 33.5% -9.0% -4.8% 34.8% -7.8% -4.9% 44.2% -8.4% Perth Metro Region -4.0% 51.8% -6.7% -3.1% 60.6% -5.9% -3.6% 52.7% -6.1% Seller Sentiment - Houses The proportion of sellers discounting in the Central sub-region house market has increased again in the September quarter with 45.3 per cent of sellers discounting compared to 34.8 per cent in June quarter (revised) 2016. The sub-markets with the most sellers discounting in the September quarter are Bassendean/Bayswater at 53.8 per cent and Canning at 51.9 per cent. In the Perth Metro Region, the number of sellers discounting has declined to 51.8 per cent from 60.6 per cent (revised) June quarter 2016. The discount offered by sellers in the Central sub-region is 7.2 per cent for the September quarter, declining from 7.8 per cent in the June 2016 quarter. So whilst there has been an increase in the proportion of sellers discounting, the discount offered has reduced. This may signal, sellers are meeting the market at the time of listing and not having to adjust their prices significantly in order to sell. SEPTEMBER QUARTER 2016 MARKET UPDATE 9

PERTH REGION Central Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED HOUSE SALES - PERTH CENTRAL SUBURBS SEPTEMBER QUARTER 2016 CENTRAL SUB-REGION SUB-MARKETS & SUBURBS House Lower Quartile Year to September 2016 % Median Upper Quartile Highest September Qtr 2015 June Qtr 2016 September Qtr 2016 (P) Central Sub-Region 8,835 $515,000 $681,000 $940,000 $14,130,000-1.3% -5.4% $685,000 $690,000 $645,000-6.5% 2,429 1,598 $420 63 Bassendean/Bayswater 1,010 $480,000 $550,000 $640,000 $2,550,000-1.5% -8.3% $589,404 $550,000 $539,500-1.9% 284 192 $395 61 Ashfield 18 $480,000 $500,000 $547,000 $850,000 0.0% 0.0% $526,250 $536,000 $530,000-1.1% 8 3 $320 19 Bassendean 160 $460,000 $515,000 $595,000 $1,500,000-2.7% -11.2% $580,000 $490,000 $535,000 9.2% 36 25 $380 43 Bayswater 203 $529,500 $600,000 $680,000 $1,245,000-3.2% -6.3% $670,000 $597,500 $560,000-6.3% 66 37 $420 55 Bedford 70 $530,000 $636,000 $750,000 $1,050,000-0.2% -2.9% $629,500 $662,500 $579,995-12.5% 16 14 $370 57 Eden Hill 40 $400,000 $434,750 $485,000 $736,500-1.2% -8.5% $479,500 $428,750 $450,000 5.0% 12 9 $380 67 Embleton 56 $447,500 $506,250 $555,000 $670,000-0.3% -10.4% $508,000 $520,000 $527,500 1.4% 15 12 $400 61 Maylands 95 $548,500 $652,500 $775,000 $2,550,000-3.2% -6.8% $673,000 $702,500 $601,000-14.4% 26 17 $400 52 Morley 293 $464,500 $522,500 $580,000 $780,000-1.4% -6.7% $535,000 $532,500 $520,000-2.3% 88 59 $390 80 Noranda 75 $507,500 $590,000 $638,250 $765,000-2.5% -6.3% $615,000 $580,000 $560,000-3.4% 17 16 $420 44 Prelim Qtly June Qtr 2016 Sept Qtr 2016 House Rent per week House Average Selling Days Belmont 501 $440,000 $507,000 $615,000 $1,850,000-2.5% -7.8% $541,000 $495,000 $480,000-3.0% 151 89 $360 70 Ascot 31 $519,000 $770,000 $930,000 $1,850,000 2.0% -4.3% $695,000 $816,550 $770,000-5.7% 8 5 $418 79 Belmont 83 $423,500 $485,000 $595,000 $1,008,000-2.0% -9.3% $519,000 $445,000 $473,750 6.5% 21 14 $360 55 Cloverdale 122 $438,000 $480,000 $540,000 $980,000-3.7% -7.7% $507,500 $496,000 $455,000-8.3% 38 31 $350 82 Kewdale 90 $455,000 $510,000 $600,000 $950,000 1.0% 1.6% $501,250 $532,000 $506,250-4.8% 29 14 $360 53 Redcliffe 87 $380,000 $473,500 $592,500 $990,000-5.3% -5.3% $540,000 $423,750 $455,000 7.4% 26 11 $348 79 Rivervale 88 $500,000 $592,500 $668,000 $1,352,500 0.4% -3.7% $561,500 $559,000 $590,000 5.5% 29 14 $397 66 Canning 944 $455,000 $550,000 $692,500 $2,900,000-0.5% -3.9% $563,000 $552,500 $550,000-0.5% 256 181 $380 53 Bentley 51 $472,750 $550,000 $617,500 $750,000 5.3% 3.3% $498,000 $585,000 $505,000-13.7% 10 13 $375 62 Cannington 58 $390,000 $430,000 $486,000 $975,000-1.1% -10.4% $460,000 $430,000 $429,000-0.2% 21 9 $350 48 East Cannington 67 $432,500 $520,000 $610,000 $980,000 4.0% 1.5% $463,000 $511,000 $455,000-11.0% 18 18 $380 55 Ferndale 54 $420,000 $465,000 $520,000 $625,000-2.1% -3.9% $500,000 $490,000 $475,000-3.1% 18 11 $325 45 Lynwood 58 $420,000 $450,000 $470,000 $520,000-0.4% -8.3% $470,000 $450,000 $432,500-3.9% 17 12 $360 43 Parkwood 70 $400,000 $480,000 $562,000 $760,000-4.2% -5.9% $524,500 $515,000 $472,500-8.3% 20 12 $380 47 Queens Park 84 $434,500 $467,500 $532,500 $1,100,000 1.0% -2.5% $455,000 $468,000 $489,000 4.5% 21 12 $373 44 Riverton 64 $555,000 $690,000 $778,000 $1,900,000 8.9% 1.8% $618,500 $652,000 $702,500 7.7% 19 14 $370 59 Rossmoyne 31 $893,500 $1,140,000 $1,311,500 $2,900,000-0.5% 0.4% $1,110,000 $1,305,000 $980,000-24.9% 7 7 $475 53 Shelley 41 $630,000 $825,000 $1,002,500 $2,850,000-5.5% -4.1% $885,000 $845,000 $704,500-16.6% 13 10 $390 57 St James 74 $455,000 $537,500 $620,000 $1,300,000-3.2% -9.8% $610,000 $517,500 $535,000 3.4% 17 11 $375 70 Willetton 211 $623,700 $700,000 $781,500 $1,180,000 0.0% -4.1% $710,000 $661,000 $739,444 11.9% 57 34 $420 50 Wilson 81 $440,000 $550,000 $640,500 $988,000 2.8% -5.6% $530,000 $612,500 $543,000-11.3% 18 18 $383 57 Fremantle 398 $584,000 $742,500 $1,000,000 $3,070,000-1.0% -7.2% $760,000 $727,500 $697,500-4.1% 114 78 $495 61 Beaconsfield 75 $620,000 $705,000 $838,500 $1,600,000-2.1% -8.4% $795,000 $727,500 $700,000-3.8% 24 16 $425 57 East Fremantle 68 $821,500 $1,085,000 $1,385,000 $3,070,000-5.7% -10.5% $1,220,000 $1,120,000 $1,060,000-5.4% 16 13 $563 68 Fremantle 62 $675,000 $846,500 $950,000 $2,050,000 2.9% 5.5% $786,250 $847,500 $787,500-7.1% 18 8 $495 69 Hilton 71 $510,000 $549,500 $605,000 $770,000-0.1% -4.4% $560,000 $535,000 $541,500 1.2% 23 16 $350 76 North Fremantle 25 $789,500 $975,000 $1,362,500 $2,600,000 0.8% -4.9% $750,000 $960,000 $960,000 0.0% 7 1 $650 59 O'Connor 5 $460,000 $475,000 $582,500 $615,000-7.3% -28.0% $397,500 1 $335 214 Samson 15 $503,500 $566,000 $647,500 $715,000-8.7% -16.1% $690,500 $620,000 $560,000-9.7% 3 4 20 South Fremantle 38 $780,000 $1,035,000 $1,290,000 $1,750,000-0.5% 3.9% $1,150,000 $1,045,000 $1,015,000-2.9% 12 8 $560 57 White Gum Valley 39 $625,000 $700,000 $830,000 $1,200,000-1.4% -3.4% $702,500 $725,000 $675,000-6.9% 11 11 $550 33 Melville 1,182 $640,000 $780,000 $995,000 $6,800,000 0.0% -4.3% $760,000 $775,000 $745,000-3.9% 291 211 $450 73 Alfred Cove 44 $675,000 $884,000 $1,075,000 $1,730,000 3.5% 4.0% $712,500 $675,000 $675,000 0.0% 9 5 $600 55 Applecross 79 $1,020,000 $1,490,000 $2,137,500 $6,800,000-0.7% 7.2% $1,407,500 $1,175,000 $1,265,000 7.7% 16 16 $597 102 Ardross 77 $802,000 $960,000 $1,232,500 $2,075,000-8.6% -0.7% $1,132,500 $1,070,000 $900,000-15.9% 17 14 $535 70 Attadale 74 $772,500 $1,066,250 $1,384,000 $4,130,000 7.4% 4.0% $850,000 $980,000 $1,195,000 21.9% 21 7 $550 69 Bateman 35 $710,000 $778,000 $826,500 $1,270,000 0.0% -4.6% $750,000 $740,000 $710,000-4.1% 9 5 $450 39 Bicton 56 $725,000 $915,000 $1,412,500 $3,500,000-3.7% -8.3% $965,500 $952,500 $807,500-15.2% 14 6 $398 49 Booragoon 80 $747,500 $880,500 $988,000 $1,600,000 1.8% 0.5% $807,500 $895,000 $875,000-2.2% 28 15 $495 37 Brentwood 16 $559,500 $684,500 $886,000 $1,200,000-0.8% 2.9% $650,000 $780,000 $620,000-20.5% 4 3 $373 28 Bull Creek 65 $645,000 $750,000 $870,000 $1,450,000 0.0% -0.7% $683,000 $760,000 $685,500-9.8% 13 12 $400 70 Kardinya 95 $582,500 $653,000 $733,500 $1,200,000 0.2% -4.1% $589,000 $670,000 $607,500-9.3% 21 20 $400 73 Leeming 110 $620,000 $699,000 $780,000 $1,125,000-0.1% -6.0% $710,000 $722,500 $738,000 2.1% 24 27 $425 85 Melville 90 $690,000 $785,000 $900,000 $2,500,000 0.0% -1.9% $760,000 $785,000 $770,000-1.9% 27 13 $470 85 Mount Pleasant 74 $855,000 $1,128,250 $1,700,000 $5,500,000-2.7% -1.0% $1,195,000 $1,172,000 $1,110,000-5.3% 18 15 $480 110 Murdoch 24 $649,000 $765,000 $802,500 $950,000 0.0% -0.6% $655,000 $765,000 $760,000-0.7% 9 5 $290 78 Myaree 26 $635,000 $684,250 $770,000 $1,125,000-4.4% -9.4% $740,000 $680,000 $640,000-5.9% 5 5 $438 27 Palmyra 102 $545,000 $660,000 $795,000 $1,200,000-7.0% -7.7% $702,500 $703,500 $650,000-7.6% 22 21 $405 57 Willagee 82 $500,000 $560,000 $630,000 $870,000-1.5% -8.2% $586,250 $555,000 $548,000-1.3% 20 13 $380 66 Winthrop 53 $781,500 $850,000 $1,007,500 $1,900,000 0.0% -2.0% $827,500 $865,000 $800,000-7.5% 14 9 $565 105 Perth City 52 $660,000 $806,250 $980,000 $2,665,000 3.7% -12.8% $770,000 $632,000 $830,000 31.3% 13 11 $438 42 East Perth 10 $1,100,000 $1,395,000 $1,800,000 $2,665,000 8.6% 3.7% $1,175,000 $1,800,000 3 $450 41 Perth 30 $665,000 $777,500 $880,000 $1,090,000 1.6% -12.6% $855,000 $710,000 $830,000 16.9% 9 7 $450 40 West Perth 12 $538,500 $696,500 $847,500 $1,075,000 1.2% -4.3% $707,000 $538,500 $725,000 34.6% 4 1 $410 15 10 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION Central Sub-Region MEDIAN PRICE OF ESTABLISHED HOUSE SALES - PERTH CENTRAL SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS House Lower Quartile Year to September 2016 % Median Upper Quartile Highest September Qtr 2015 June Qtr 2016 September Qtr 2016 (P) South Perth/Victoria Park 724 $601,750 $764,500 $960,000 $4,300,000-2.0% -2.8% $790,000 $782,500 $682,500-12.8% 200 137 $400 68 Burswood 17 $741,500 $1,050,000 $1,420,000 $1,700,000-7.1% 16.7% $1,235,500 $1,130,000 $962,500-14.8% 3 4 $450 68 Carlisle 103 $450,000 $530,000 $600,000 $900,000-1.9% -9.0% $594,250 $445,000 $547,500 23.0% 28 28 $390 58 Como 123 $740,000 $855,000 $1,117,500 $1,900,000-4.5% -8.1% $965,000 $835,000 $802,500-3.9% 33 22 $428 51 East Victoria Park 131 $566,000 $647,500 $777,500 $1,215,000-0.4% -0.5% $652,000 $643,750 $645,000 0.2% 34 20 $380 82 Karawara 9 $775,000 $810,000 $958,750 $967,500-0.2% 5.2% $1,275,000 $812,000 $800,000-1.5% 1 3 $395 82 Kensington 58 $750,000 $855,000 $955,000 $1,385,000 0.0% -2.0% $812,500 $860,000 $855,000-0.6% 20 9 $475 100 Lathlain 34 $570,000 $717,500 $905,000 $1,030,000-16.1% -13.6% $900,000 $760,000 $601,000-20.9% 8 9 $445 85 Manning 58 $650,000 $790,000 $950,000 $1,350,000-1.3% -8.0% $730,000 $820,500 $567,500-30.8% 18 6 $550 31 Salter Point 36 $890,000 $1,015,000 $1,325,000 $2,060,000-1.5% -9.8% $1,125,000 $960,000 $1,060,000 10.4% 9 4 $648 53 South Perth 73 $949,000 $1,225,000 $1,587,500 $4,300,000 2.1% -2.0% $1,250,000 $1,120,000 $1,427,500 27.5% 25 10 $495 80 Victoria Park 52 $567,500 $652,500 $753,750 $1,550,000-2.6% -6.5% $709,000 $642,500 $620,000-3.5% 14 9 $390 37 Waterford 30 $705,000 $845,750 $1,090,000 $1,700,000-16.6% -25.5% $1,380,000 $842,500 $705,000-16.3% 7 13 $455 97 Prelim Qtly June Qtr 2016 Sept Qtr 2016 House Rent per week House Average Selling Days CENTRAL SUB-REGION PERTH REGION Stirling East 1,499 $410,000 $493,800 $645,000 $1,650,000-1.2% -3.2% $500,000 $512,500 $466,000-9.1% 388 278 $350 66 Balcatta 129 $450,000 $540,000 $615,000 $1,030,000-1.8% -1.5% $570,000 $567,500 $550,000-3.1% 24 27 $380 71 Balga 260 $356,000 $385,000 $417,000 $550,000-1.3% -6.1% $405,000 $377,500 $360,000-4.6% 57 42 $325 70 Dianella 259 $510,000 $620,000 $755,000 $1,610,000 0.0% -6.1% $615,000 $645,000 $595,000-7.8% 76 48 $350 70 Glendalough 7 $509,000 $535,000 $625,000 $670,000-4.5% 3.5% $578,500 $655,000 $535,000-18.3% 1 3 $308 20 Hamersley 86 $499,000 $549,500 $615,000 $901,000-0.5% -2.7% $563,500 $535,000 $512,000-4.3% 25 10 $370 47 Joondanna 49 $550,000 $660,000 $821,944 $1,155,000-5.7% -18.0% $850,000 $655,000 $535,000-18.3% 16 10 $398 121 Mirrabooka 60 $395,000 $415,000 $437,500 $530,000-2.4% -3.5% $430,000 $417,500 $372,000-10.9% 20 11 $355 39 Nollamara 190 $411,000 $440,000 $480,000 $780,000-2.2% -5.4% $460,000 $429,000 $433,194 1.0% 44 44 $360 71 Osborne Park 19 $450,000 $515,000 $666,000 $1,000,000-1.9% -7.2% $546,000 $448,750 $505,000 12.5% 2 4 $400 52 Stirling 112 $644,000 $817,500 $972,500 $1,650,000 1.7% 2.2% $737,500 $817,500 $741,000-9.4% 34 20 $508 63 Tuart Hill 58 $500,000 $573,000 $643,000 $1,000,000-1.8% -5.3% $620,000 $576,000 $532,500-7.6% 17 9 $380 54 Westminster 117 $392,500 $429,000 $468,000 $650,000-2.1% -4.2% $454,500 $420,000 $400,000-4.8% 37 26 $340 77 Yokine 153 $525,000 $655,000 $750,000 $1,500,000 0.0% -2.7% $716,250 $623,000 $667,500 7.1% 35 24 $450 60 Stirling West 983 $637,500 $775,000 $966,500 $6,125,000-0.6% -4.6% $777,500 $780,000 $761,000-2.4% 268 180 $480 59 Carine 71 $662,500 $785,000 $850,000 $1,200,000 1.0% 0.6% $827,500 $792,500 $850,000 7.3% 16 16 $400 72 Churchlands 35 $1,185,000 $1,370,000 $1,495,000 $1,980,000-0.9% 3.8% $1,485,000 $1,300,000 $1,482,500 14.0% 9 4 $750 39 Doubleview 139 $587,000 $717,000 $810,000 $2,300,000-0.4% -6.9% $740,000 $745,000 $705,000-5.4% 43 31 $473 52 Gwelup 53 $755,000 $835,000 $955,000 $1,500,000 0.0% -2.7% $830,000 $815,000 $775,000-4.9% 14 6 $675 69 Innaloo 146 $515,000 $569,500 $660,000 $968,000-3.5% -7.4% $605,000 $634,000 $553,500-12.7% 39 30 $450 62 Karrinyup 139 $700,000 $815,000 $957,500 $1,800,000-1.2% -3.3% $842,500 $780,000 $745,000-4.5% 31 32 $493 75 North Beach 42 $801,000 $860,000 $1,200,000 $6,125,000-1.7% -5.6% $955,000 $930,000 $1,035,000 11.3% 14 7 $623 62 Scarborough 161 $646,250 $747,000 $834,250 $1,927,000-1.1% -5.1% $785,000 $750,000 $725,000-3.3% 50 23 $490 57 Trigg 39 $935,000 $1,135,000 $1,300,000 $4,575,000 0.0% 12.9% $925,000 $1,201,000 $975,000-18.8% 7 7 $400 73 Watermans Bay 22 $885,000 $1,187,500 $1,300,000 $2,400,000-7.0% -7.6% $1,730,000 $1,165,000 $670,000-42.5% 8 3 $475 15 Wembley Downs 90 $720,000 $1,042,000 $1,210,000 $1,800,000 0.0% 2.2% $1,050,000 $1,060,000 $1,090,000 2.8% 22 14 $460 46 Woodlands 46 $670,000 $875,000 $1,140,000 $2,100,000 2.9% -6.4% $882,000 $900,000 $950,000 5.6% 15 7 $480 36 Vincent/Stirling SE 430 $740,000 $860,000 $1,081,000 $3,000,000-1.9% -5.8% $878,750 $882,000 $795,000-9.9% 131 69 $475 59 Coolbinia 22 $715,000 $855,000 $1,185,000 $2,250,000-0.8% -19.0% $864,000 $823,500 $802,500-2.6% 10 3 $375 257 Highgate 19 $722,500 $810,000 $1,001,250 $1,304,250-6.5% -9.7% $665,000 $862,500 $767,500-11.0% 6 4 $480 83 Inglewood 79 $672,500 $785,000 $905,000 $1,750,000 1.9% -2.8% $770,000 $814,125 $810,000-0.5% 24 11 $445 73 Leederville 34 $740,000 $850,000 $1,045,000 $2,250,000 0.0% -5.3% $1,005,000 $920,000 $687,000-25.3% 11 3 $490 47 Menora 19 $816,000 $1,130,000 $1,600,000 $2,000,000-1.7% 6.6% $1,000,000 $822,000-17.8% 7 1 $498 24 Mount Hawthorn 95 $776,250 $880,000 $1,057,663 $1,570,000 0.5% 2.2% $760,000 $925,000 $800,000-13.5% 30 12 $490 42 Mount Lawley 77 $805,000 $975,000 $1,325,000 $3,000,000-3.5% -7.1% $983,750 $917,500 $912,500-0.5% 26 14 $530 58 North Perth 85 $718,750 $820,000 $997,500 $2,500,000-6.6% -8.9% $855,000 $766,000 $740,000-3.4% 17 21 $450 53 Western Suburbs 1,112 $1,050,000 $1,362,500 $1,800,000 $14,130,000-2.0% -2.7% $1,400,000 $1,385,000 $1,275,000-7.9% 333 172 $700 62 City Beach 84 $1,435,500 $1,672,500 $2,037,500 $3,600,000-2.3% -7.9% $1,900,000 $1,930,000 $1,480,000-23.3% 25 9 $950 107 Claremont 89 $1,042,500 $1,250,000 $1,540,000 $7,500,000-5.7% -13.3% $1,625,000 $1,217,500 $1,200,000-1.4% 28 19 $675 40 Cottesloe 101 $1,400,000 $1,700,000 $2,540,000 $5,010,000 0.0% -8.1% $1,830,000 $1,565,000 $1,800,000 15.0% 30 15 $750 78 Daglish 10 $865,000 $1,057,500 $1,200,000 $1,475,000 4.7% 3.7% $895,000 $865,000 $1,100,000 27.2% 3 3 $445 58 Dalkeith 62 $1,800,000 $2,175,000 $3,300,000 $14,130,000-7.4% -9.8% $2,400,000 $2,437,500 $1,850,000-24.1% 24 8 $795 43 Floreat 108 $1,000,000 $1,204,200 $1,445,000 $2,800,000-0.4% -8.1% $1,200,000 $1,290,000 $1,135,000-12.0% 25 19 $720 37 Jolimont 9 $939,250 $1,125,000 $1,225,000 $1,550,000 9.8% 11.9% $995,000 $1,045,500-100.0% 4 $695 Mosman Park 105 $1,000,000 $1,280,000 $2,025,000 $6,750,000-1.5% -7.6% $1,311,500 $1,280,000 $1,270,000-0.8% 33 17 $850 92 Mount Claremont 67 $1,049,000 $1,300,000 $1,495,000 $3,100,000-1.1% -5.6% $1,400,000 $1,315,000 $1,287,500-2.1% 24 14 $750 51 Nedlands 125 $1,175,000 $1,500,000 $1,850,000 $4,150,000 0.0% -3.2% $1,490,000 $1,505,000 $1,181,000-21.5% 38 20 $713 48 Peppermint Grove 15 $2,375,000 $2,850,000 $4,050,000 $7,700,000-10.9% -18.6% $4,200,000 $3,200,000 $3,300,000 3.1% 2 4 $775 102 Shenton Park 47 $1,037,500 $1,200,000 $1,430,000 $2,820,000-1.6% 2.1% $1,247,500 $1,260,000 $1,198,750-4.9% 9 8 $650 22 Subiaco 63 $955,000 $1,270,000 $1,500,000 $2,200,000-1.7% 1.8% $1,220,000 $1,215,000 $1,000,000-17.7% 19 9 $745 58 Swanbourne 54 $1,335,000 $1,710,000 $2,120,000 $5,250,000 0.6% 14.8% $1,925,000 $1,720,000 $1,855,000 7.8% 17 6 $975 79 Wembley 115 $827,500 $970,000 $1,265,000 $1,960,000-2.5% -9.1% $1,060,000 $1,070,000 $910,000-15.0% 32 14 $575 62 West Leederville 56 $927,500 $1,117,500 $1,347,500 $2,600,000 0.0% -2.4% $1,100,000 $1,110,000 $1,015,000-8.6% 19 7 $600 43 Perth Metro Region 21,729 $427,000 $530,000 $710,000 $14,130,000-0.9% -3.6% $532,000 $532,000 $510,000-4.1% 5,901 3,989 $380 68 Excludes suburbs with less than 5 sales for the year & dwellings on lots greater than 1 Ha. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright SEPTEMBER QUARTER 2016 MARKET UPDATE 11

PERTH REGION Central Sub-Region PERTH REGION CENTRAL SUB-REGION Multi-Residential Market In the September quarter, preliminary sales volumes have decreased by similar levels to the preliminary June quarter results, recording a 27 per cent drop in the Central sub-region. A decline in preliminary sales activity has been observed across all sub-markets in the Central sub-region. There are a few suburbs in the Central sub-region which actually recorded an increase in sales activity, these suburbs include: East Fremantle (up 57 per cent), Applecross (up 88 per cent) and Mount Pleasant (up 50 per cent). For the September quarter, the preliminary quarterly change in the median price was up 4.6 per cent to $455,000 after a revised June quarter quarterly median of $435,000. At a submarket level, South Perth/Victoria Park was up 10.5 per cent and the Western Suburbs was up 11.3 per cent for the quarter. The picture looks different though for the Central sub-region s multi-residential market when considering changes in annual medians. There appears to be a bit more stability in the submarkets in terms of changes in annual medians with positive growth recorded in the Fremantle sub-market at 4.9 per cent, Vincent/Stirling SE at 1.1 per cent and Western Suburbs at 6.0 per cent. The remaining sub-markets had negative growth. The overall performance of the Central sub-region in the annual change in annual median was -1.5 per cent. Top performers with more than 30 sales for the quarterly change in the annual median for the September quarter include: Joondanna up 10.6 per cent at $459,000, South Perth up 7.4 per cent at 565,000 and Maylands up 4.2 per cent at $389,500. TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE CENTRAL Year to September 2016 Unit Median Highest in Joondanna 37 $459,000 $752,000 10.6% South Perth 152 $565,000 $5,800,000 7.4% Maylands 192 $389,500 $1,130,000 4.2% Rivervale 125 $415,000 $1,700,000 2.5% Burswood 47 $737,000 $1,910,000 2.4% Como 145 $520,000 $1,300,000 1.7% Glendalough 31 $310,000 $523,000 1.6% East Fremantle 43 $610,000 $1,600,000 0.0% Perth 195 $450,000 $1,210,000 0.0% West Perth 119 $530,000 $2,300,000 0.0% Highgate 38 $415,000 $625,000 0.0% Mount Lawley 93 $410,000 $881,020 0.0% Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. Listings for the multi-residential market in the Central sub-region lifted in the September quarter to total 2,337, up 2.6 per cent. The stock of unit listings in the Perth Metro Region increased by 1.4 per cent to 3,087 for the quarter. Average selling days improved for the unit market in the Central sub-region. It now takes 75 days to sell which is an improvement of two days over the quarter. PERTH CENTRAL SUB-REGION $500,000 2,000 1,800 $450,000 10 Year Ave 1,600 1,400 $400,000 1,200 1,000 $350,000 800 $300,000 MULTI-RES SALES - CENTRAL MULTI-RES MEDIAN - CENTRAL PMR MULTI-RES MEDIAN 600 400 200 $250,000 0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 PERTH INNER SUB-REGION $600,000 1,200 $550,000 1,000 $500,000 $450,000 800 $400,000 600 $350,000 400 $300,000 $250,000 MULTI-RES SALES - INNER MULTI-RES MEDIAN - INNER PMR MULTI-RES MEDIAN 200 $200,000 0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 PERTH MIDDLE SUB-REGION $500,000 1,000 900 $450,000 800 700 $400,000 10 Year Ave 600 500 $350,000 400 $300,000 MULTI-RES SALES - MIDDLE MULTI-RES MEDIAN - MIDDLE PMR MULTI-RES MEDIAN 300 200 100 $250,000 0 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 12 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION Central Sub-Region MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH CENTRAL SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest September Qtr 2015 June Qtr 2016 September Qtr 2016 (P) Prelim Qtly June Sept Qtr Qtr 2016 2016 Central Sub-Region 3,741 $365,000 $455,000 $595,000 $6,100,000 0.0% -1.5% $455,000 $435,000 $455,000 4.6% 1,003 733 $355 75 Bassendean/Bayswater 286 $320,000 $383,500 $455,000 $1,130,000 2.3% -1.2% $355,500 $375,000 $400,000 6.7% 82 51 $320 103 Unit Rent per week Bassendean 19 $314,250 $352,000 $395,500 $595,000-2.1% -7.1% $369,000 $331,750 $402,500 21.3% 6 2 $330 108 Bayswater 27 $316,500 $400,000 $435,000 $500,000 21.2% 29.0% $315,000 $400,000 $368,750-7.8% 10 2 $330 91 Maylands 192 $320,000 $389,500 $475,000 $1,130,000 4.2% -2.6% $350,000 $375,000 $427,500 14.0% 49 36 $300 63 Morley 30 $371,500 $389,500 $401,500 $565,000-2.6% -2.6% $432,000 $397,500 $375,000-5.7% 14 7 $390 127 Unit Average Selling Days CENTRAL SUB-REGION PERTH REGION Belmont 222 $345,000 $403,500 $465,000 $1,700,000 0.9% -1.6% $397,750 $395,000 $406,250 2.8% 67 44 $350 100 Belmont 19 $342,000 $380,000 $467,500 $660,000-4.3% -7.3% $399,000 $389,000 $470,000 20.8% 8 5 $370 61 Cloverdale 28 $332,500 $384,000 $437,000 $552,000-2.5% -12.5% $439,000 $345,000 $379,000 9.9% 8 8 $335 103 Kewdale 31 $370,000 $390,000 $420,000 $525,000-2.3% -2.5% $392,500 $370,000 $369,000-0.3% 9 4 $355 185 Redcliffe 11 $330,500 $368,000 $397,500 $475,000-0.3% -9.9% $410,000 $347,500-100.0% 2 $305 75 Rivervale 125 $347,500 $415,000 $500,000 $1,700,000 2.5% 1.3% $390,000 $411,500 $422,500 2.7% 36 26 $353 71 Canning 109 $330,000 $390,000 $440,000 $1,650,000 0.0% -4.2% $380,000 $371,500 $376,500 1.3% 30 17 $330 81 Bentley 23 $309,500 $372,500 $426,250 $1,190,000 0.1% -8.3% $310,500 $335,000 $372,500 11.2% 9 2 $345 115 Cannington 30 $350,000 $405,000 $437,000 $480,000-0.7% 1.3% $428,500 $368,500 $291,000-21.0% 4 3 $330 60 Queens Park 17 $330,000 $330,000 $388,250 $469,000 0.0% -13.2% $372,500 $315,000 $240,000-23.8% 6 1 $335 88 St James 13 $365,500 $400,000 $482,750 $700,000 5.8% 44.8% $371,000 $405,000 9.2% 3 5 $320 47 Fremantle 199 $439,500 $640,000 $837,500 $2,350,000-1.5% 4.9% $614,000 $590,000 $522,500-11.4% 46 45 $380 68 East Fremantle 43 $455,000 $610,000 $770,000 $1,600,000 0.0% -1.1% $560,000 $415,000 $522,500 25.9% 7 11 $365 54 Fremantle 79 $386,000 $560,000 $731,500 $1,750,000-5.1% 5.3% $563,000 $565,000 $455,000-19.5% 22 19 $368 81 North Fremantle 52 $633,000 $802,500 $1,450,000 $2,350,000-0.3% -1.5% $805,000 $662,500 $703,750 6.2% 12 10 $540 73 South Fremantle 14 $660,000 $737,500 $922,500 $1,600,000-12.3% 8.5% $926,000 $1,017,500 $600,000-41.0% 2 4 $410 75 Melville 256 $410,000 $480,000 $595,000 $1,900,000-1.8% -1.0% $517,500 $500,000 $510,000 2.0% 69 53 $360 62 Applecross 48 $515,000 $637,500 $884,500 $1,900,000-3.8% 6.7% $625,000 $974,500 $580,000-40.5% 8 15 $450 80 Attadale 21 $555,000 $575,000 $626,250 $1,050,000 1.3% 22.3% $470,000 $620,000 $572,500-7.7% 6 6 $383 14 Bicton 37 $420,000 $450,000 $539,000 $720,000-9.1% -7.9% $540,000 $500,000 $425,000-15.0% 13 6 $325 54 Melville 24 $410,000 $497,000 $560,000 $750,000-4.2% -15.8% $585,000 $530,000 $487,500-8.0% 7 6 $475 49 Mount Pleasant 18 $565,000 $662,000 $1,135,000 $1,500,000 7.2% 17.2% $530,000 $967,500 $590,000-39.0% 2 3 $355 38 Palmyra 58 $400,000 $426,500 $510,000 $640,000-2.0% -5.2% $465,000 $435,000 $422,000-3.0% 19 11 $340 60 Perth City 578 $398,000 $495,000 $620,000 $5,000,000 0.7% -3.4% $497,500 $489,000 $495,000 1.2% 154 129 $420 78 East Perth 239 $395,000 $515,000 $740,000 $5,000,000-0.9% -4.3% $530,000 $520,000 $499,000-4.0% 63 47 $440 81 Northbridge 25 $439,000 $495,000 $575,000 $1,250,000 0.5% 1.0% $500,000 $575,000 $510,000-11.3% 3 11 $400 60 Perth 195 $385,000 $450,000 $557,500 $1,210,000 0.0% -6.5% $462,500 $445,000 $450,000 1.1% 54 49 $415 73 West Perth 119 $444,000 $530,000 $607,500 $2,300,000 0.0% 1.9% $510,000 $502,500 $498,000-0.9% 34 22 $420 87 South Perth/Victoria Park 489 $405,000 $500,000 $670,000 $5,800,000 1.1% -2.9% $493,250 $475,000 $525,000 10.5% 131 90 $350 73 Burswood 47 $520,000 $737,000 $842,500 $1,910,000 2.4% 3.4% $712,500 $640,000 $780,000 21.9% 12 13 $400 106 Como 145 $425,000 $520,000 $640,000 $1,300,000 1.7% 2.0% $491,000 $506,250 $520,000 2.7% 38 23 $350 59 East Victoria Park 35 $291,500 $410,000 $479,500 $680,000-6.8% -9.3% $450,000 $412,500 $315,000-23.6% 8 7 $320 39 South Perth 152 $415,000 $565,000 $842,500 $5,800,000 7.4% -1.3% $494,750 $485,000 $715,000 47.4% 45 25 $378 94 Victoria Park 94 $315,000 $442,000 $530,000 $790,000-2.6% 2.8% $465,000 $422,500 $465,000 10.1% 22 19 $330 44 Stirling East 426 $319,000 $355,000 $418,000 $800,000-2.7% -7.8% $387,000 $343,750 $350,000 1.8% 116 72 $320 70 Balcatta 36 $338,500 $378,750 $433,500 $500,000-8.0% -9.8% $434,500 $342,500 $360,000 5.1% 8 7 $370 56 Balga 15 $278,750 $307,000 $314,500 $425,000 0.0% -5.8% $305,500 $304,000 $316,000 3.9% 7 2 $330 97 Dianella 45 $355,000 $390,000 $417,000 $535,000-3.4% -5.7% $410,000 $364,000 $380,000 4.4% 10 8 $298 66 Glendalough 31 $284,500 $310,000 $369,000 $523,000 1.6% 3.3% $300,000 $368,000 $310,000-15.8% 11 5 $288 59 Joondanna 37 $367,000 $459,000 $552,500 $752,000 10.6% 11.5% $410,000 $385,000 $463,500 20.4% 8 8 $330 46 Nollamara 40 $340,000 $350,000 $370,250 $510,000-2.5% -8.5% $367,500 $350,000 $339,000-3.1% 13 5 $350 83 Osborne Park 71 $282,500 $336,000 $399,000 $600,000-2.0% -2.6% $373,500 $342,500 $329,000-3.9% 17 7 $290 126 Tuart Hill 67 $330,000 $370,000 $437,500 $640,000-2.6% -7.0% $385,000 $365,000 $380,000 4.1% 17 11 $300 38 Westminster 17 $317,500 $330,000 $350,000 $385,000-2.9% -6.4% $377,500 $320,000 $315,000-1.6% 7 1 $330 62 Yokine 62 $319,000 $353,250 $440,000 $800,000-0.1% -7.0% $348,500 $335,000 $322,500-3.7% 17 16 $290 57 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright SEPTEMBER QUARTER 2016 MARKET UPDATE 13

PERTH REGION Central Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH CENTRAL SUBURBS SEPTEMBER QUARTER 2016 CENTRAL SUB-REGION SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest September Qtr 2015 June Qtr 2016 September Qtr 2016 (P) Prelim Qtly June Sept Qtr Qtr 2016 2016 Unit Rent per week Stirling West 325 $410,000 $480,000 $585,000 $3,500,000-2.0% -5.7% $490,000 $489,500 $445,500-9.0% 96 64 $395 68 Churchlands 21 $377,500 $390,000 $426,000 $1,035,001-1.3% -8.8% $360,000 $375,000 $385,000 2.7% 3 6 $325 42 Doubleview 23 $352,500 $510,000 $590,750 $649,000-4.2% -1.9% $502,500 $550,000 $373,000-32.2% 9 4 $460 99 Innaloo 51 $449,000 $479,000 $511,000 $600,000-2.0% -4.2% $490,000 $475,000 $440,000-7.4% 15 15 $425 65 Scarborough 185 $401,500 $490,000 $634,500 $3,500,000-2.0% -6.7% $500,000 $470,000 $515,000 9.6% 53 32 $380 57 Trigg 11 $467,500 $491,500 $740,000 $781,000 0.0% 5.0% $610,750 $612,500 0.3% 2 2 $435 55 Unit Average Selling Days Vincent/Stirling SE 262 $389,000 $455,000 $569,000 $3,550,000-1.1% 1.1% $445,000 $435,000 $425,000-2.3% 63 54 $350 64 Highgate 38 $325,000 $415,000 $545,000 $625,000 0.0% -7.6% $455,000 $330,000 $417,500 26.5% 8 10 $385 48 Inglewood 22 $359,000 $442,500 $618,000 $3,550,000-7.8% 11.0% $407,500 $564,000 $406,000-28.0% 4 5 $343 68 Leederville 35 $436,000 $513,000 $680,000 $1,250,000-1.3% -10.0% $545,000 $462,500 $500,000 8.1% 11 9 $395 48 Mount Hawthorn 18 $499,000 $537,000 $572,000 $770,000-0.9% -1.5% $580,000 $514,500 $539,000 4.8% 4 3 $425 90 Mount Lawley 93 $360,000 $410,000 $502,500 $881,020 0.0% -2.4% $406,200 $392,500 $397,000 1.1% 20 14 $300 57 North Perth 50 $400,000 $480,000 $580,000 $915,000-1.0% -4.7% $465,000 $435,000 $462,000 6.2% 15 11 $385 88 Western Suburbs 589 $398,750 $580,000 $795,000 $6,100,000 1.8% 6.0% $560,000 $539,000 $600,000 11.3% 149 114 $350 77 Claremont 81 $505,000 $650,000 $840,000 $1,820,000-2.6% -4.1% $735,000 $620,000 $530,000-14.5% 18 13 $445 99 Cottesloe 49 $585,000 $785,000 $972,500 $3,570,000-1.6% -3.2% $928,000 $736,000 $730,000-0.8% 8 3 $450 107 Crawley 52 $442,500 $792,500 $1,175,000 $4,800,000-7.3% -0.3% $1,100,000 $787,500 $800,000 1.6% 18 11 $370 40 Daglish 11 $424,000 $622,000 $675,000 $1,351,777-0.2% 46.4% $557,500 $622,000 $423,000-32.0% 3 3 $223 55 Floreat 16 $725,000 $978,750 $1,062,500 $1,150,000-2.1% -12.8% $1,250,000 $690,000 $966,250 40.0% 5 4 $650 122 Jolimont 22 $312,000 $378,000 $535,000 $2,500,000-1.2% -12.6% $350,000 $375,000 $375,250 0.1% 6 5 $290 67 Mosman Park 29 $312,500 $380,000 $482,000 $1,230,000 1.0% -8.4% $370,000 $382,500 $367,500-3.9% 10 2 $290 105 Nedlands 23 $475,000 $575,000 $743,000 $2,275,000 1.4% -7.3% $565,000 $572,500 $450,500-21.3% 6 5 $350 101 Shenton Park 19 $460,000 $535,000 $750,017 $1,300,000 0.0% 24.4% $535,000 $800,000 $300,000-62.5% 5 1 $390 91 Subiaco 135 $494,000 $600,000 $737,500 $6,100,000-1.6% -6.3% $654,000 $505,000 $600,000 18.8% 25 31 $418 73 Swanbourne 14 $535,000 $657,500 $930,000 $1,810,000 44.2% -48.2% $456,000 $657,500 14 $800 Wembley 87 $271,000 $320,000 $480,000 $900,000-1.5% -4.5% $335,000 $315,000 $327,500 4.0% 27 12 $250 64 West Leederville 26 $265,000 $425,000 $635,000 $1,400,000-5.6% -18.7% $568,500 $425,000 $630,000 48.2% 8 6 $330 44 Perth Metro Region 4,570 $345,000 $425,000 $565,000 $6,100,000-0.7% -3.2% $430,000 $410,000 $425,000 3.7% 1,203 881 $350 80 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Sep-11 PERTH CENTRAL SUB-REGION Sep-12 TOP 5 SUBURBS BY VOLUME Sep-13 LAND SALES - CENTRAL LAND MEDIAN - CENTRAL PMR LAND MEDIAN Sep-14 Sep-15 0 Sep-16 Year to September 2016 Land Median in Median % Perth Metro Region 5,835 $265,000 1.9% Central Sub-Region 928 $460,000 1.5% Bayswater 59 $335,000-2.2% Dianella 47 $480,000 3.2% Mount Claremont 44 $685,000 1.9% East Cannington 39 $322,000-0.3% Morley 38 $300,000-2.3% 900 800 700 600 500 400 300 200 100 Land Market The land market in the Central sub-region is very mixed. Preliminary data for median price in the September quarter indicates an increase of nine per cent to $500,000 from $458,750 on the revised June quarter. Preliminary land sales for the September quarter are currently 146. The June quarter preliminary volumes have increased over the quarter to a revised figure of 272 from the initial 160. So, it is expected a further lift in land sales will occur in coming months. Most of the land sales in the Central sub-region can be found in the sub-markets of Bayswater/Bassendean, Western Suburbs and Stirling East. In the year to September 2016 the annual change in annual medians is still mixed. The Central sub-region recorded zero growth, with better performers found in Fremantle (up 1.3 per cent), Stirling East (up 6.3 per cent) and Stirling West (up 1.6 per cent). It is important to note that land sales can take up to 12 months to settle and that the most recent figures provided for the September 2016 quarter will adjust in the future. 14 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION Central Sub-Region MEDIAN PRICE OF LAND SALES - PERTH CENTRAL SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS Year to Sep 2016 Year to Sep 2015 Land Median Land Median Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr Sept Qtr 2016 2016 Central Sub-Region 928 $460,000 1,085 $460,000 1.5% 0.0% $440,000 $458,750 $500,000 9.0% 272 146 Bassendean/Bayswater 168 $327,500 183 $337,000-2.8% -2.8% $345,000 $340,000 $310,000-8.8% 56 22 Bassendean 18 $351,250 24 $404,000-15.4% -13.1% $527,500 $430,000 $350,000-18.6% 5 3 Bayswater 59 $335,000 34 $385,500-2.2% -13.1% $384,500 $340,000 $295,000-13.2% 19 5 Bedford 10 $400,000 10 $396,000-0.6% 1.0% $400,000 $405,000 $390,000-3.7% 5 1 Embleton 15 $271,000 8 $323,500-1.5% -16.2% $325,000 $271,000 $270,000-0.4% 5 3 Morley 38 $300,000 52 $320,000-2.3% -6.3% $317,500 $300,000 $275,000-8.3% 12 5 CENTRAL SUB-REGION PERTH REGION Belmont 42 $322,000 60 $389,500-6.7% -17.3% $369,500 $335,000 $335,000 0.0% 16 9 Cloverdale 15 $295,000 15 $335,000 0.0% -11.9% $282,500 $305,000 $288,000-5.6% 6 3 Canning 98 $328,500 123 $335,000-0.5% -1.9% $355,000 $322,500 $460,000 42.6% 28 12 East Cannington 39 $322,000 42 $335,000-0.3% -3.9% $332,500 $322,500 $259,000-19.7% 12 3 Fremantle 67 $395,000 79 $390,000-1.3% 1.3% $553,500 $379,767 $404,000 6.4% 9 10 Beaconsfield 13 $385,000 41 $390,000-12.0% -1.3% $616,000 $325,000 $320,000-1.5% 2 1 Hilton 10 $325,000 13 $300,000 0.0% 8.3% $365,000 $305,000 $355,000 16.4% 3 1 White Gum Valley 24 $385,000 6 $418,500-1.3% -8.0% $455,000 $394,000 4 Melville 104 $568,750 87 $590,000-0.2% -3.6% $580,000 $511,000 $584,000 14.3% 30 15 Kardinya 11 $425,000 14 $380,000 8.3% 11.8% $352,500 $390,000 $745,000 91.0% 5 3 Melville 18 $515,000 15 $590,000-8.0% -12.7% $580,000 $460,000 $510,000 10.9% 4 2 Mount Pleasant 10 $745,000 12 $715,000 0.0% 4.2% $648,000 $815,000 $590,000-27.6% 3 1 Perth City 2 $800,000 2 $2,310,000 0.0% -65.4% South Perth/Victoria Park 65 $550,000 116 $559,444 6.3% -1.7% $556,944 $495,000 $880,000 77.8% 24 8 Carlisle 14 $362,500 18 $377,750-1.5% -4.0% $372,500 $365,000 $850,000 132.9% 5 1 Como 19 $625,000 16 $634,000 0.0% -1.4% $719,000 $637,500 $1,353,750 112.4% 8 2 Stirling East 133 $425,000 134 $400,000 0.0% 6.3% $395,000 $395,000 $330,000-16.5% 28 23 Balga 11 $200,000 36 $235,000-11.1% -14.9% $298,500 $200,000 $8,333-95.8% 3 1 Dianella 47 $480,000 22 $427,605 3.2% 12.3% $416,538 $453,000 $517,500 14.2% 7 6 Stirling 21 $500,000 14 $589,500-13.0% -15.2% $579,000 $526,500 $330,000-37.3% 6 7 Westminster 11 $240,000 11 $240,000 11.6% 0.0% $197,500 $217,500 2 Yokine 14 $452,500 14 $502,500 1.7% -10.0% $480,000 $460,000 $460,000 0.0% 6 1 Stirling West 113 $523,000 165 $552,000 1.6% -5.3% $555,000 $471,000 $580,000 23.1% 26 25 Doubleview 24 $428,500 15 $445,000 0.8% -3.7% $400,000 $339,000 $620,000 82.9% 9 5 Gwelup 24 $550,000 45 $545,000-0.4% 0.9% $570,000 $538,500 $580,000 7.7% 4 7 Karrinyup 19 $480,000 27 $521,000 9.1% -7.9% $435,000 $480,000 $775,000 61.5% 5 3 Scarborough 18 $407,500 21 $476,000-1.8% -14.4% $456,500 $460,000 $419,500-8.8% 3 4 Vincent/Stirling SE 27 $485,000 27 $525,000-7.6% -7.6% $548,750 $530,000 $547,500 3.3% 9 4 North Perth 12 $452,500 6 $536,250-5.7% -15.6% $658,250 $675,000 $445,000-34.1% 3 1 Western Suburbs 109 $740,000 109 $740,000-4.2% 0.0% $755,000 $715,000 $705,000-1.4% 46 18 Cottesloe 18 $1,355,000 14 $1,402,925-4.4% -3.4% $1,425,000 $5,185,000 $825,000-84.1% 3 1 Mosman Park 15 $710,000 19 $750,000 0.0% -5.3% $870,000 $672,500-100.0% 4 Mount Claremont 44 $685,000 2 $1,025,000 1.9% -33.2% $685,000 $697,500 1.8% 27 14 Perth Metro Region 5,835 $265,000 9,872 $263,000 1.9% 0.8% $260,500 $259,500 $295,000 13.7% 1,675 616 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright SEPTEMBER QUARTER 2016 MARKET UPDATE 15

PERTH REGION North West Sub-Region PERTH REGION NORTH WEST SUB-REGION Housing and Multi-residential Markets Preliminary volumes for the housing market in the North West sub-region have continued their decline throughout the September quarter. Sub-markets that are experiencing the greatest decline in sales activity include Wanneroo South (down 46 per cent), Wanneroo North West (down 45 per cent) and Joondalup South (down 40 per cent). The lower levels of sales transactions have also impacted the preliminary quarterly change in median price. The subregion has recorded a drop of 3.8 per cent to $500,000 compared to a revised June quarter median of $520,000. When considering the annual change in the annual median for the North West sub-region, the market is also experiencing some softening in price levels. The sub-region is down 2.8 per cent and all sub-markets have declined as well. Turning to performance based on the quarterly change in the annual median, Warwick is on top with a lift of 3.2 per cent to $552,650, followed by Sinagra at 2.3 per cent with $440,000. Multi-residential sales have followed a similar trend as the housing market, with preliminary sales for the September quarter falling by 36 per cent. The preliminary quarterly change in the median unit price is down marginally by one per cent to $375,000 compared to a revised June quarter median of $370,000. The best performing suburb in the North West sub-region for units is Joondalup with a quarterly change in annual median of 14 per cent. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 Sep-11 PERTH NORTH WEST SUB-REGION Sep-12 TOP 5 SUBURBS BY VOLUME Sep-13 LAND SALES - NW LAND MEDIAN - NW PMR LAND MEDIAN Sep-14 Year to September 2016 Land Median Sep-15 0 Sep-16 in Perth Metro Region 5,835 $265,000 1.9% North West Sub-Region 1,246 $258,000-0.8% Alkimos 186 $229,000-0.2% Landsdale 133 $325,000-1.5% Yanchep 124 $208,500-3.0% Eglinton 105 $215,000-1.8% Clarkson 81 $261,000 0.0% 1,500 1,250 1,000 750 500 250 PERTH NORTH WEST SUB-REGION $575,000 2,000 $550,000 $525,000 $500,000 $475,000 $450,000 $425,000 $400,000 $375,000 Sep-11 Land Market Sep-12 HOUSE SALES - NW HOUSE MEDIAN - NW PMR HOUSE MEDIAN Sep-13 Sep-14 TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE 10 Year Ave Sep-15 0 Sep-16 1,750 1,500 1,250 1,000 Year to September 2016 in NORTH WEST House Median Highest Median % Warwick 47 $578,000 $865,000 3.2% Sinagra 37 $475,000 $575,000 2.3% Beldon 60 $502,000 $870,000 2.2% Joondalup 85 $540,000 $1,180,000 1.9% Marmion 34 $931,000 $3,750,000 1.7% Kallaroo 67 $785,000 $2,195,000 1.6% Burns Beach 41 $930,000 $1,500,000 0.8% Duncraig 200 $715,000 $1,680,000 0.7% Marangaroo 100 $460,000 $735,000 0.4% Padbury 112 $529,750 $1,015,000 0.4% Whilst land sales activity in the North West sub-region continues to soften in the quarter, it is important to note that as more transactions settle in the coming months, volumes will lift. After revision, June quarter sales transactions more than doubled to reach 353 from a preliminary 163. Preliminary data suggests an increase in quarterly median prices for the North West sub-region, up 18 per cent to $295,000 from the June quarter revised median of $250,000. For the year to September 2016, the quarterly change in annual median dropped slightly by 0.8 per cent with the annual change in annual median also slipping 0.8 per cent to $260,000. Alkimos remains the bestselling suburb in the North West sub-region, recording 186 sales during the year to June 2016. Lansdale recorded 133 sales and Yanchep, Eglinton and Clarkson continue to feature in the top five. 750 500 250 Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. 16 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION North West Sub-Region STOCK OF HOUSE LISTINGS & SELLING DAYS - NORTH WEST SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS Listings at September Quarter 2016 House Listings Average Selling Days (p) Joondalup North 291 223-4.3% -7.9% 60-4 -3 Joondalup South 368 301-4.7% -3.2% 54 3 2 Wanneroo North East 332 255-15.8% -17.5% 67 0 5 Wanneroo North West 888 674 0.0% -0.4% 77 0 1 Wanneroo South 321 231-2.5% -6.5% 71 5 10 North West Sub-Region 2,200 1,684-4.5% -5.7% 65 1 2 Perth Metro Region 14,170 8,649-0.6% -6.5% 68 3 5 NORTH WEST SUB-REGION Note: Listings to Dwelling Stock Ratio = Dwelling Listings as a percentage of estimated Dwelling Stock Listing Stock and Selling Days Total stock of house listings in the North West sub-region is down by 4.5 per cent for the quarter and 5.7 per cent lower than the same time last year. All of the sub-markets except Wanneroo North West have shown a drop in the stock of listings for houses. The greatest decline in house listings was in Wanneroo North East down 15.8 per cent for the quarter. In the North West sub-region, it is still taking more than 60 days to sell a house. The September quarter figure is 65 days for the sub-region and 77 days in the Wanneroo North West sub-market. Compared to the Perth Metro region, the subregion is on slightly better against a 68 day average. SELLER SENTIMENT: HOUSES SEPTEMBER QUARTER 2016 SUBMARKETS Overall Market Variance Listing vs Sold September Quarter 2016 June Quarter 2016 September Quarter 2015 Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors North West Sub-Region -3.4% 50.7% -5.7% -3.0% 61.4% -5.8% -3.0% 50.3% -5.6% Joondalup North -3.6% 53.2% -6.1% -2.9% 49.7% -5.8% -2.5% 48.4% -5.6% Joondalup South -2.7% 39.2% -5.7% -3.8% 44.7% -5.2% -3.1% 48.8% -5.3% Wanneroo North East -4.3% 58.9% -5.6% -2.8% 42.5% -7.5% -3.6% 50.0% -5.7% Wanneroo North West -3.0% 55.5% -5.3% -3.2% 59.8% -5.6% -3.1% 56.0% -6.4% Wanneroo South -3.1% 53.2% -5.6% -3.0% 61.4% -5.8% -2.8% 46.7% -5.3% Perth Metro Region -4.0% 51.8% -6.7% -3.1% 60.6% -5.9% -3.6% 52.7% -6.1% Seller Sentiment - Houses In the North West sub-region, the number of sellers discounting their house has decreased to 50.7 per cent in the September quarter, from 61.4 per cent in the June quarter. The North West sub-region has fewer sellers discounting than the Perth Metro region as a whole. It can be seen that the sub-market in the North West subregion with the highest number of sellers discounting is Wanneroo North East, with 58.9 per cent of sellers discounting. The average discount that sellers are offering in the sub-region has remained stable at 5.7 per cent in September. The overall sentiment towards the housing market in the sub-region is still pessimistic at -3.4 per cent, however this is more positive than the general Perth metro market at -4.0 per cent. SEPTEMBER QUARTER 2016 MARKET UPDATE 17

PERTH REGION North West Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED HOUSE SALES - PERTH NORTH WEST SUBURBS SEPTEMBER QUARTER 2016 NORTH WEST SUB-REGION Year to September 2016 % SUB-MARKETS House Prelim June Sept Qtr House & SUBURBS House Lower Median Upper Sept Qtr June Qtr Sept Qtr Average Highest Qtly Qtr 2016 2016 Rent per Quartile Quartile 2015 2016 2016 (P) Selling Median week Days % North West Sub-Region 4,285 $440,000 $520,000 $650,000 $3,750,000-1.0% -2.8% $523,750 $520,000 $500,000-3.8% 1,236 756 $380 65 Joondalup North 705 $488,750 $570,000 $740,000 $2,075,000-2.6% -6.8% $614,000 $565,000 $542,000-4.1% 187 127 $410 60 Burns Beach 41 $785,500 $930,000 $1,110,000 $1,500,000 0.8% 1.6% $915,000 $970,000 $882,500-9.0% 11 4 $650 109 Connolly 32 $585,000 $665,000 $762,500 $955,000 0.0% -2.9% $668,500 $652,500 $647,500-0.8% 8 6 $410 56 Currambine 94 $470,000 $527,500 $620,000 $955,000-0.5% -11.7% $615,000 $529,500 $540,000 2.0% 28 13 $420 66 Edgewater 63 $506,500 $561,000 $627,500 $735,000 0.1% -4.5% $587,500 $605,000 $565,000-6.6% 12 9 $400 66 Heathridge 109 $432,500 $460,000 $500,000 $660,000-1.1% -6.0% $482,000 $465,000 $460,000-1.1% 29 23 $370 43 Iluka 73 $760,000 $850,000 $1,023,750 $2,075,000-0.4% 1.8% $852,500 $852,500 $819,500-3.9% 22 9 $600 43 Joondalup 85 $460,000 $540,000 $599,500 $1,180,000 1.9% 0.7% $526,750 $470,000 $527,500 12.2% 31 18 $390 52 Kinross 99 $477,500 $515,000 $548,250 $650,000 0.0% -2.8% $510,000 $510,000 $484,500-5.0% 23 21 $400 73 Ocean Reef 109 $650,000 $750,000 $870,000 $1,550,000-1.6% -2.0% $765,000 $700,000 $693,000-1.0% 23 24 $500 58 Joondalup South 1,349 $525,000 $620,000 $770,000 $3,750,000-0.6% -2.4% $615,000 $619,500 $606,500-2.1% 382 230 $430 54 Beldon 60 $460,500 $502,000 $530,000 $870,000 2.2% -0.6% $475,000 $492,000 $485,000-1.4% 15 17 $375 47 Craigie 106 $435,000 $465,000 $496,000 $615,000-0.9% -4.6% $470,000 $475,000 $450,000-5.3% 36 14 $370 35 Duncraig 200 $630,000 $715,000 $817,250 $1,680,000 0.7% 0.7% $700,000 $700,000 $665,000-5.0% 60 29 $483 47 Greenwood 146 $495,000 $550,000 $610,000 $745,000-1.8% -1.8% $535,000 $580,000 $510,000-12.1% 43 27 $393 66 Hillarys 129 $672,500 $820,000 $1,050,000 $2,250,000-2.9% -3.1% $860,000 $862,500 $743,000-13.9% 38 15 $535 77 Kallaroo 67 $593,750 $785,000 $952,500 $2,195,000 1.6% 19.1% $677,500 $735,000 $590,000-19.7% 14 9 $395 59 Kingsley 171 $530,500 $590,000 $650,000 $1,050,000-1.3% -3.5% $635,000 $582,500 $604,000 3.7% 44 32 $400 60 Marmion 34 $835,000 $931,000 $1,430,000 $3,750,000 1.7% -2.0% $920,000 $910,000 $952,000 4.6% 9 7 $570 61 Mullaloo 80 $645,000 $720,000 $800,000 $2,140,000 0.0% -1.9% $815,000 $707,500 $821,250 16.1% 22 12 $498 67 Padbury 112 $475,000 $529,750 $580,000 $1,015,000 0.4% -5.1% $536,250 $540,000 $545,000 0.9% 33 20 $400 34 Sorrento 95 $771,000 $870,000 $1,200,000 $3,000,000-5.2% -15.4% $950,000 $1,025,000 $820,000-20.0% 27 23 $600 61 Warwick 47 $521,000 $578,000 $647,500 $865,000 3.2% -2.0% $552,650 $560,000 $612,500 9.4% 17 4 $430 57 Woodvale 102 $592,000 $640,000 $710,000 $1,017,000 0.0% -6.6% $660,000 $645,500 $665,000 3.0% 24 21 $515 39 Wanneroo North East 676 $430,000 $480,000 $535,000 $1,660,000-0.8% -3.0% $485,000 $485,000 $460,000-5.2% 179 130 $393 67 Ashby 47 $455,000 $480,000 $513,000 $676,000 0.0% -3.5% $482,500 $470,000 $472,500 0.5% 21 4 $420 71 Banksia Grove 112 $365,000 $399,500 $453,000 $800,000-2.3% -4.9% $418,500 $385,000 $380,000-1.3% 27 31 $360 75 Carramar 87 $470,000 $520,000 $591,500 $1,660,000-0.1% -1.0% $510,000 $545,000 $495,000-9.2% 23 18 $445 71 Hocking 78 $460,000 $508,500 $550,000 $730,000-2.1% -6.7% $535,000 $515,000 $470,000-8.7% 23 19 $385 50 Pearsall 42 $435,000 $487,500 $540,000 $660,000-2.3% -1.5% $491,000 $542,500 $444,000-18.2% 8 9 $390 73 Sinagra 37 $422,750 $475,000 $520,000 $575,000 2.3% -6.3% $440,000 $436,250 $495,000 13.5% 8 5 $370 43 Tapping 115 $485,000 $520,000 $561,250 $880,000-1.9% -2.1% $537,500 $530,000 $507,500-4.2% 31 22 $430 57 Wanneroo 158 $410,000 $446,000 $515,000 $1,300,000 0.0% -4.1% $440,000 $445,500 $425,500-4.5% 38 22 $350 59 Wanneroo North West 976 $377,000 $430,000 $529,000 $1,650,000-1.4% -4.4% $435,000 $425,000 $410,000-3.5% 295 164 $340 77 Alkimos 92 $393,000 $450,000 $515,000 $820,000-1.1% -6.1% $487,000 $386,000 $432,500 12.0% 20 20 $330 81 Butler 173 $368,000 $415,000 $469,000 $614,000-1.1% -5.3% $435,000 $402,500 $425,000 5.6% 50 30 $330 72 Clarkson 176 $369,750 $415,000 $450,000 $875,000-1.2% -3.5% $410,000 $418,000 $381,762-8.7% 68 22 $340 65 Eglinton 12 $411,500 $440,000 $502,500 $660,000 0.9% 7.3% $370,000 $436,000-100.0% 6 $320 Jindalee 37 $533,500 $660,000 $743,500 $1,025,000 0.0% 2.7% $689,000 $670,000 $629,500-6.0% 15 4 $359 45 Merriwa 65 $338,000 $355,000 $383,750 $455,000-1.7% -4.1% $366,000 $340,000 $344,000 1.2% 19 13 $320 75 Mindarie 106 $600,000 $685,000 $850,000 $1,600,000-1.5% -2.1% $675,750 $755,000 $670,000-11.3% 31 16 $470 101 Quinns Rocks 135 $385,500 $465,000 $585,000 $1,150,000-4.6% -9.9% $525,000 $430,000 $431,000 0.2% 35 18 $360 65 Ridgewood 47 $390,000 $415,000 $436,750 $525,000-0.6% -3.2% $410,000 $395,000 $405,000 2.5% 13 12 $330 45 Two Rocks 28 $329,000 $369,000 $407,500 $780,000-2.1% -11.1% $405,000 $366,500 $360,000-1.8% 6 11 $325 75 Yanchep 105 $380,000 $437,500 $501,500 $1,650,000 0.0% 0.6% $405,000 $435,000 $389,250-10.5% 32 18 $330 115 Wanneroo South 579 $419,000 $480,000 $570,000 $990,000-2.0% -5.9% $500,000 $485,000 $462,500-4.6% 193 105 $413 71 Alexander Heights 90 $452,000 $475,000 $513,000 $672,500-2.1% -4.0% $489,500 $490,000 $450,000-8.2% 29 17 $430 64 Darch 78 $492,000 $567,500 $637,000 $800,000-6.2% -8.5% $660,000 $565,000 $482,500-14.6% 19 18 $450 75 Girrawheen 92 $355,000 $385,000 $420,000 $540,000-3.7% -7.2% $415,000 $375,000 $370,000-1.3% 31 11 $300 78 Koondoola 44 $362,250 $380,000 $400,000 $455,000-5.0% -11.6% $425,000 $390,000 $362,000-7.2% 16 13 $295 54 Landsdale 118 $520,100 $579,500 $637,500 $983,000-3.4% -2.9% $610,000 $590,000 $565,000-4.2% 40 23 $450 81 Madeley 57 $493,500 $580,000 $650,000 $990,000-6.5% -11.9% $659,750 $583,500 $540,000-7.5% 18 12 $475 83 Marangaroo 100 $430,000 $460,000 $507,900 $735,000 0.4% -1.1% $450,750 $457,500 $465,000 1.6% 40 11 $380 50 Perth Metro Region 21,729 $427,000 $530,000 710,000 $14,130,000-0.9% -3.6% $532,000 $532,000 $510,000-4.1% 5,901 3,989 $380 68 Excludes suburbs with less than 5 sales for the year & dwellings on lots greater than 1 Ha. All figures are preliminary for up to 4 months after end of quarter REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright 18 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION North West Sub-Region MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH NORTH WEST SUBURBS SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly North West Sub-Region 213 $341,500 $380,000 $440,000 $1,500,000-1.3% -5.0% $397,475 $370,000 $375,000 1.4% 53 34 $350 110 June Qtr 2016 Sept Qtr 2016 Unit Rent per week Joondalup North 77 $358,500 $375,000 $455,000 $680,000-1.3% -8.2% $400,000 $350,000 $400,000 14.3% 17 12 $350 124 Currambine 13 $330,000 $360,000 $398,500 $561,000-1.9% -5.9% $385,000 $350,000-100.0% 3 $350 52 Joondalup 49 $369,000 $380,000 $477,500 $680,000 0.0% -8.4% $405,000 $335,000 $440,000 31.3% 9 6 $350 154 Joondalup South 69 $365,000 $404,000 $459,500 $1,320,000-1.5% -6.0% $420,000 $399,500 $402,000 0.6% 22 10 $390 111 Sorrento 15 $309,500 $435,000 $455,000 $1,320,000 1.2% -1.7% $430,000 $435,000 $440,000 1.1% 5 1 $400 228 Woodvale 14 $399,000 $419,500 $439,000 $535,000-1.3% -2.7% $442,000 $409,500-7.4% 2 4 Unit Average Selling Days NORTH WEST SUB-REGION Wanneroo North West 38 $335,000 $379,500 $407,000 $1,500,000-0.8% 1.2% $382,500 $380,000 $366,250-3.6% 10 4 $340 305 Clarkson 15 $327,500 $367,500 $399,000 $440,000-2.0% -2.6% $380,000 $370,000 $365,000-1.4% 3 3 $330 Mindarie 11 $382,500 $400,000 $617,500 $1,500,000 0.0% -45.2% $445,000-100.0% 4 $550 Wanneroo South 29 $288,500 $307,500 $350,000 $480,000-2.4% -6.7% $307,500 $330,000 $291,000-11.8% 4 8 $340 38 Girrawheen 16 $277,500 $288,500 $300,000 $319,000-2.9% -12.3% $305,000 $304,500 $286,000-6.1% 2 6 $295 45 Perth Metro Region 4,570 $345,000 $425,000 $565,000 $6,100,000-0.7% -3.2% $430,000 $410,000 $425,000 3.7% 1,203 881 $350 80 MEDIAN PRICE OF LAND SALES - PERTH NORTH WEST SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS Year to September 2016 Year to September 2015 % Land Median Land Median Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 North West Sub-Region 1,246 $258,000 2,232 $260,000-0.8% -0.8% $265,000 $250,000 $295,000 18.0% 353 125 Joondalup North 69 $530,000 148 $530,000-0.9% 0.0% $540,000 $520,000 $470,000-9.6% 13 7 Burns Beach 22 $479,000 57 $530,000-1.0% -9.6% $484,000 $505,000 $462,500-8.4% 4 2 Iluka 31 $545,000 52 $530,000 0.0% 2.8% $540,000 $511,500 $523,000 2.2% 4 5 Joondalup South 133 $392,500 161 $398,000 0.3% -1.4% $468,000 $396,500 $400,000 0.9% 36 15 Craigie 57 $340,000 70 $340,000 0.0% 0.0% $382,500 $340,000-11.1% 16 3 Hillarys 10 $832,500 10 $670,000 2.1% 24.3% $780,000 $1,103,750-100.0% 4 Mullaloo 14 $442,500 5 $720,000-10.6% -38.5% $720,000 $375,000 $400,000 6.7% 1 5 Woodvale 22 $392,500 38 $399,000 1.9% -1.6% $368,000 $396,000 $430,000 8.6% 3 4 Wanneroo North East 179 $249,000 308 $254,000 0.0% -2.0% $254,500 $248,000 $245,000-1.2% 68 11 Banksia Grove 79 $228,000 177 $226,000 0.4% 0.9% $226,000 $228,000 $218,000-4.4% 29 3 Hocking 39 $245,000 36 $277,500-1.6% -11.7% $281,500 $247,000 $215,000-13.0% 14 4 Pearsall 23 $297,500 30 $310,000-3.3% -4.0% $311,250 $279,000 $289,500 3.8% 12 2 Sinagra 13 $286,000 18 $314,500-0.9% -9.1% $304,000 $269,000 $302,000 12.3% 6 2 Wanneroo 14 $343,000 23 $370,000-4.1% -7.3% $360,000 $225,000-100.0% 2 Wanneroo North West 650 $229,000 1,322 $235,000 0.0% -2.6% $230,000 $229,000 $230,000 0.4% 176 63 Alkimos 186 $229,000 450 $237,000-0.2% -3.4% $229,000 $227,000 $215,000-5.3% 53 21 Butler 21 $152,000 40 $194,500-12.6% -21.9% $199,000 $156,500-100.0% 6 Clarkson 81 $261,000 110 $288,500 0.0% -9.5% $261,000 $255,000 $280,500 10.0% 19 8 Eglinton 105 $215,000 249 $216,000-1.8% -0.5% $219,500 $227,500 $157,500-30.8% 32 8 Jindalee 58 $309,000 104 $319,500-1.9% -3.3% $345,000 $287,000 $306,500 6.8% 14 8 Mindarie 18 $475,000 13 $470,000 1.1% 1.1% $435,000 $360,000 $520,000 44.4% 3 7 Two Rocks 40 $186,750 98 $187,250-0.7% -0.3% $190,000 $177,500 $191,500 7.9% 9 2 Yanchep 124 $208,500 233 $217,000-3.0% -3.9% $226,000 $206,000 $195,000-5.3% 38 8 Wanneroo South 215 $310,000 293 $342,000-1.9% -9.4% $330,000 $290,000 $315,000 8.6% 60 29 Girrawheen 34 $246,000 5 $245,000 0.0% 0.4% $245,000 $247,000 $245,000-0.8% 5 7 Landsdale 133 $325,000 223 $344,000-1.5% -5.5% $339,000 $305,000 $340,000 11.5% 34 15 Madeley 37 $288,000 51 $345,000 2.5% -16.5% $281,000 $260,000 $295,000 13.5% 15 5 Perth Metro Region 5,835 $265,000 9,872 $263,000 1.9% 0.8% $260,500 $259,500 $295,000 13.7% 1,675 616 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright SEPTEMBER QUARTER 2016 MARKET UPDATE 19

PERTH REGION North East Sub-Region PERTH REGION NORTH EAST SUB-REGION Housing and Multi-residential Market Preliminary September quarter sales activity is showing a decline of 29 per cent in the North East sub-region. The decline in sales volumes is smaller in this quarter when compared to the June 2016 quarter. Just as was the case in the previous two quarters, all of the sub-markets have contributed to the decline in sales with the Mundaring sub-market recording the largest fall (down 49 per cent) for the quarter. The preliminary North East sub-region September quarterly median was lower by 3.2 per cent to $450,000 from the revised June 2016 quarter median of $465,000. The Kalamunda submarket has slipped 5.8 per cent, the Mundaring sub-market is down 4.0 per cent and Swan has declined by 3.9 per cent for the June quarter. The quarterly change in the annual median for the North East sub-region is also softer, declining 1.1 per cent. In terms of longer growth rates, based on the more stable annual median, the year to September 2016 median is $460,000, down 5.2 per cent. Guildford topped the local list for best performing suburb based on the quarterly change in the annual median, recording a 2.8 per cent increase, followed by South Guildford at 2.4 per cent and Greenmount at 2.2 per cent. Whilst the multi-residential market is not significant in the North East sub-region, most of the activity was in the Swan sub-market. The preliminary quarterly median price for units in the North East sub-region is down 9.5 per cent from the June 2016 quarter to $310,000. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 Sep-11 PERTH NORTH EAST SUB-REGION Sep-12 TOP 5 SUBURBS BY VOLUME Sep-13 Sep-14 Year to September 2016 Land Median 900 LAND SALES - NE LAND MEDIAN - NE PMR LAND MEDIAN Sep-15 in Perth Metro Region 5,835 $265,000 1.9% North East Sub-Region 1,028 $246,425-2.2% Brabham 272 $234,500 0.6% Aveley 216 $220,125-1.9% Dayton 129 $250,000-3.8% Caversham 104 $305,000-0.7% Ellenbrook 79 $225,000-3.8% 750 600 450 300 150 0 Sep-16 PERTH NORTH EAST SUB-REGION $600,000 1,500 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 Sep-11 Land Market Sep-12 Sep-13 HOUSE SALES - NE HOUSE MEDIAN - NE PMR HOUSE MEDIAN Sep-14 TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE NORTH EAST Year to September 2016 10 Year Ave Sep-15 House Median Highest 0 Sep-16 1,250 1,000 Whilst land sales activity in the North East sub-region continues to soften in the quarter, it is important to note that over coming months land sales will settle and on average lift the volumes up, as was evident in the June quarter 2016. In the June edition of Market Update, there were preliminary sales of 163, but now in the September quarter that figure has revised up to 297 sales. Preliminary data suggests an increase in quarterly median prices for the North East sub-region, up 8.1 per cent to $259,500 from the June quarter revised median of $240,000. For the year to September 2016, the quarterly change in annual median is down 2.2 per cent and the annual change in annual median is also softer at 5.2 per cent lower to $246,425. Brabham is the best-selling suburb in the North East subregion for land sales, recording 272 sales in the year to September 2016. Other suburbs with top sales include, Aveley with 216, Dayton with 129, Caversham with 104 and Ellenbrook with 79. 750 500 250 in Median % Guildford 32 $632,500 $1,230,000 2.8% South Guildford 47 $558,000 $900,000 2.4% Greenmount 43 $470,000 $890,000 2.2% Swan View 104 $408,500 $880,000 0.9% Lesmurdie 78 $595,000 $1,245,000 0.8% Middle Swan 30 $376,500 $490,000 0.4% The Vines 78 $687,500 $1,165,000 0.4% Aveley 154 $471,000 $700,000 0.2% Maida Vale 43 $520,000 $1,300,000 0.0% Glen Forrest 31 $565,000 $945,000 0.0% Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. 20 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION North East Sub-Region STOCK OF HOUSE LISTINGS & SELLING DAYS - NORTH EAST SUBURBS SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS & SUBURBS Listings at September Quarter 2016 House Listings Average Selling Days (p) Kalamunda 349 246 2.1% 1.7% 70-6 15 Mundaring 250 190 8.0% -1.0% 60-22 -25 Swan 1,181 823 5.1% -19.5% 71 4 7 North East Sub-Region 1,780 1,259 4.9% -13.5% 69-3 4 Perth Metro Region 14,170 8,649-0.6% -6.5% 68 3 5 Note: Listings to Dwelling Stock Ratio = Dwelling Listings as a percentage of estimated Dwelling Stock NORTH EAST SUB-REGION Listing Stock and Selling Days There has been a quarterly increase of 4.9 per cent in the North East sub-region overall stock of house listings at quarter s end. Mundaring and Swan both recorded a rise in house listings by 8.0 and 5.1 per cent respectively. Listings for houses make up 70.7 per cent of the total stock of listings in the North East sub-region. Average selling days for houses in the North East sub-region decreased by three days to 69 days for the quarter ending September 2016, compared to the 68 days it takes to sell a house in the Perth Metro region. Both Mundaring and Kalamunda sub-markets recorded an improvement in selling days by 22 days and six days respectively. It takes four more days to sell a house in Swan in the September quarter. SELLER SENTIMENT: HOUSES - NORTH EAST SUBURBS SEPTEMBER QUARTER 2016 SUBMARKETS Overall Market Variance Listing vs Sold September Quarter 2016 June Quarter 2016 September Quarter 2015 Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors North East Sub-Region -4.0% 53.0% -6.8% -3.2% 43.8% -4.9% -3.3% 52.8% -5.6% Kalamunda -3.4% 61.6% -6.9% -3.5% 67.1% -6.0% -3.0% 55.0% -5.4% Mundaring -4.6% 35.2% -5.8% -3.2% 43.8% -4.9% -3.5% 34.7% -5.8% Swan -4.1% 53.3% -6.9% -4.0% 55.3% -6.9% -3.3% 56.4% -5.7% Perth Metro Region -4.0% 51.8% -6.7% -3.1% 60.6% -5.9% -3.6% 52.7% -6.1% Seller Sentiment - Houses The number of sellers discounting in the current market has increased in the September quarter to 53.0 per cent from 43.8 per cent in the June 2016 quarter. The Kalamunda sub-market remains the region with the highest number of sellers discounting and on average they are discounting by 6.9 per cent. For the whole sub-region, the average discount is 6.8 per cent which is lower than the discount in the Perth Metro region of 6.7 per cent. SEPTEMBER QUARTER 2016 MARKET UPDATE 21

PERTH REGION North East Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED HOUSE SALES FOR PERTH NORTH EAST SUBURBS SEPTEMBER QUARTER 2016 NORTH EAST SUB-REGION SUB-MARKETS & SUBURBS House Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 House Rent per week North East Sub-Region 2,546 $407,500 $460,000 $551,000 $6,215,000-1.1% -5.2% $477,500 $465,000 $450,000-3.2% 675 482 $380 69 House Average Selling Days Kalamunda 660 $430,000 $508,561 $600,000 $1,750,000-1.3% -3.1% $515,000 $520,000 $490,000-5.8% 173 134 $400 70 Carmel 5 $521,000 $627,000 $912,500 $1,025,000 20.3% -15.6% $412,500 $1,025,000 148.5% 2 1 20 Forrestfield 158 $393,000 $425,000 $490,000 $900,000-2.3% -8.6% $465,000 $419,000 $415,000-1.0% 40 30 $370 56 Gooseberry Hill 41 $560,000 $655,000 $820,000 $1,750,000-4.0% -10.9% $680,000 $717,500 $600,000-16.4% 12 9 $550 59 High Wycombe 172 $423,500 $460,000 $518,500 $650,000-4.2% -4.6% $492,000 $453,750 $447,500-1.4% 46 37 $390 66 Kalamunda 99 $535,000 $650,000 $800,000 $1,500,000-0.8% -4.4% $620,000 $681,000 $565,000-17.0% 27 20 $450 94 Lesmurdie 78 $535,000 $595,000 $725,000 $1,245,000 0.8% -6.3% $630,000 $630,000 $605,000-4.0% 22 11 $450 104 Maida Vale 43 $446,250 $520,000 $610,000 $1,300,000 0.0% -3.3% $525,000 $510,000 $555,000 8.8% 10 8 $450 62 Walliston 9 $462,500 $485,000 $587,500 $680,000-1.0% -6.7% $510,000 $520,000 $537,500 3.4% 2 4 $425 154 Wattle Grove 50 $491,000 $535,000 $595,000 $1,200,000-1.7% -5.7% $548,000 $530,000 $512,500-3.3% 12 14 $420 56 Mundaring 303 $449,500 $535,000 $625,000 $1,300,000-2.6% -2.7% $552,500 $537,500 $516,000-4.0% 98 50 $450 60 Boya 9 $467,500 $580,000 $797,500 $864,000-10.8% 14.7% $558,000 $650,000 $467,500-28.1% 4 2 $650 38 Chidlow 7 $435,000 $470,000 $567,000 $640,000 0.4% 6.8% $383,500 $565,000 $330,000-41.6% 3 1 $405 81 Darlington 54 $530,000 $616,250 $725,000 $1,140,000-3.2% -2.6% $675,000 $626,250 $625,000-0.2% 20 9 $450 72 Glen Forrest 31 $450,000 $565,000 $620,000 $945,000 0.0% -3.4% $574,500 $570,000 $550,000-3.5% 12 3 $390 76 Greenmount 43 $421,500 $470,000 $565,000 $890,000 2.2% -10.0% $492,500 $460,000 $520,000 13.0% 12 8 $385 83 Helena Valley 44 $477,500 $565,000 $650,000 $1,300,000-3.5% -7.7% $613,500 $590,000 $552,500-6.4% 15 6 $450 30 Mahogany Creek 6 $442,000 $497,500 $549,000 $660,000-2.9% -15.0% $590,000 $464,500-100.0% 2 57 Mount Helena 41 $410,000 $449,000 $560,000 $710,000-2.7% -11.5% $488,250 $450,000 $397,000-11.8% 15 8 $430 38 Mundaring 27 $455,000 $517,000 $629,750 $785,000-2.5% -12.4% $530,500 $490,000 $593,500 21.1% 7 6 $500 77 Parkerville 11 $401,500 $445,000 $555,000 $625,000-3.3% -11.0% $480,000 $455,000-100.0% 4 $475 97 Sawyers Valley 6 $360,000 $490,500 $610,000 $660,000 0.0% -6.0% $540,000 $412,500 $610,000 47.9% 2 1 $500 26 Stoneville 21 $476,000 $517,000 $582,500 $630,000 6.6% 6.1% $447,000 $522,500 $516,000-1.2% 2 4 $350 33 Swan 1,583 $395,000 $440,000 $509,000 $6,215,000-0.6% -3.3% $450,000 $445,000 $427,500-3.9% 404 298 $360 71 Aveley 154 $427,000 $471,000 $525,000 $700,000 0.2% -3.9% $468,000 $490,000 $475,000-3.1% 38 27 $390 92 Ballajura 178 $420,000 $435,500 $480,000 $1,000,000-1.5% -10.6% $477,500 $430,000 $435,000 1.2% 41 33 $390 61 Beechboro 96 $384,000 $411,000 $450,000 $605,000-4.3% -9.7% $450,000 $404,000 $380,000-5.9% 26 17 $325 42 Bellevue 24 $349,500 $405,000 $440,000 $575,000 2.7% 2.5% $340,000 $407,500 $410,000 0.6% 8 7 $310 77 Bennett Springs 60 $450,000 $483,500 $538,750 $1,045,000-2.3% -9.2% $515,000 $510,000 $457,500-10.3% 16 8 $415 78 Brabham 67 $405,000 $440,000 $477,125 $1,287,000-3.4% -4.3% $478,000 $447,000 $417,500-6.6% 15 18 $360 62 Bullsbrook 30 $345,000 $390,000 $423,000 $580,000-1.3% 5.8% $420,000 $375,000 $345,000-8.0% 8 5 $380 80 Caversham 50 $416,000 $450,000 $495,000 $710,000-5.3% -11.8% $508,500 $455,000 $442,500-2.7% 17 12 $400 57 Dayton 28 $448,500 $465,000 $516,500 $6,215,000-1.1% -1.1% $470,000 $494,000 $460,000-6.9% 8 8 $355 69 Ellenbrook 306 $378,000 $423,750 $478,000 $740,000-0.3% -1.7% $425,000 $413,000 $423,750 2.6% 78 60 $350 73 Guildford 32 $485,000 $632,500 $740,000 $1,230,000 2.8% -6.3% $591,500 $655,000 $580,000-11.5% 15 3 $418 23 Hazelmere 9 $460,000 $475,000 $622,500 $710,000-16.7% -24.8% $687,500 $417,500 $470,000 12.6% 2 3 $280 76 Henley Brook 16 $417,500 $472,500 $516,500 $942,500-0.5% -4.5% $447,500 $417,500 $450,000 7.8% 6 3 $383 109 Herne Hill 13 $367,500 $385,000 $420,000 $555,000 0.0% 2.7% $375,000 $400,000 $370,000-7.5% 3 3 $395 75 Jane Brook 45 $474,750 $510,000 $556,000 $745,000-2.9% -1.2% $543,500 $514,000 $472,500-8.1% 16 8 $400 51 Kiara 16 $432,500 $463,750 $513,000 $615,000-0.8% -7.7% $450,000 $467,500 $460,000-1.6% 3 4 $365 63 Koongamia 13 $318,000 $320,000 $344,500 $390,000 0.0% -14.7% $385,000 $313,000 $200,000-36.1% 4 1 $320 13 Lockridge 39 $330,000 $365,000 $390,000 $535,000-2.7% -7.6% $375,000 $355,000 $320,000-9.9% 9 11 $315 41 Middle Swan 30 $335,000 $376,500 $420,000 $490,000 0.4% -0.1% $372,500 $335,000 $379,001 13.1% 5 2 $305 116 Midland 49 $344,000 $389,000 $510,000 $850,000-0.3% -6.3% $395,000 $400,000 $369,000-7.8% 13 7 $300 121 Midvale 14 $350,000 $385,000 $400,000 $430,000 1.3% -4.9% $370,000 $390,000 $380,000-2.6% 3 2 $300 South Guildford 47 $455,000 $558,000 $632,500 $900,000 2.4% 9.4% $509,500 $570,000 $453,250-20.5% 17 10 $395 67 Stratton 52 $320,000 $353,500 $385,000 $440,000-0.4% -1.8% $349,375 $358,000 $326,000-8.9% 8 9 $340 56 Swan View 104 $345,000 $408,500 $482,500 $880,000 0.9% -1.6% $380,000 $465,101 $387,500-16.7% 19 21 $380 73 The Vines 78 $545,000 $687,500 $825,000 $1,165,000 0.4% 1.1% $620,000 $657,500 $592,000-10.0% 18 11 $430 79 Viveash 13 $421,000 $530,000 $597,500 $645,000 0.5% 6.0% $450,000 $595,000 $603,000 1.3% 3 1 $398 86 Woodbridge 17 $498,500 $625,000 $745,000 $1,050,000 0.0% 13.6% $595,000 $481,000 $575,000 19.5% 4 3 $500 40 Perth Metro Region 21,729 $427,000 $530,000 $710,000 $14,130,000-0.9% -3.6% $532,000 $532,000 $510,000-4.1% 5,901 3,989 $380 68 Excludes suburbs with less than 5 sales for the year & dwellings on lots greater than 1 Ha. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. 22 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION North East Sub-Region MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH NORTH EAST SUBURBS SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest Median % Median % Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 Unit Rent per week Unit Average Selling Days North East Sub-Region 130 $310,000 $340,000 $392,000 $1,400,000 0.0% -4.6% $332,500 $342,500 $310,000-9.5% 28 29 $300 108 Kalamunda 24 $315,000 $390,500 $450,000 $1,400,000 1.2% 1.4% $345,000 $362,500 $354,500-2.2% 4 6 $328 77 Forrestfield 13 $332,500 $392,000 $447,500 $460,000-6.7% -4.3% $420,000 $295,000 $320,000 8.5% 1 3 $250 75 Kalamunda 10 $310,000 $382,000 $450,000 $590,000 9.1% 7.0% $335,000 $375,000 $389,000 3.7% 3 3 $310 53 NORTH EAST SUB-REGION Mundaring 2 $435,000 $450,000 $465,000 $465,000 3.4% -8.7% $320,000 $465,000-100.0% 1 $300 236 Swan 104 $300,000 $335,000 $376,500 $560,000-0.7% -4.9% $330,000 $337,000 $300,000-11.0% 23 23 $300 113 Midland 56 $300,000 $325,000 $350,000 $420,000-4.4% -7.1% $335,000 $324,500 $285,000-12.2% 12 15 $300 89 Perth Metro Region 4,570 $345,000 $425,000 $565,000 $6,100,000-0.7% -3.2% $430,000 $410,000 $425,000 3.7% 1,203 881 $350 80 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. MEDIAN PRICE OF LAND SALES - PERTH NORTH EAST SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS Year to September 2016 Year to September 2015 Land Median Land Median Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 North East Sub-Region 1,028 $246,425 1,606 $260,000-2.2% -5.2% $260,000 $240,000 $259,500 8.1% 297 104 Kalamunda 49 $330,000 87 $280,000 10.4% 17.9% $314,500 $280,000 $438,000 56.4% 17 8 High Wycombe 10 $230,000 14 $280,000-6.1% -17.9% $362,000 $242,500 $225,000-7.2% 6 2 Wattle Grove 15 $299,000 47 $280,000 3.3% 6.8% $299,000 $299,000 $480,500 60.7% 4 2 Mundaring 73 $280,000 83 $285,000 1.8% -1.8% $275,000 $285,000 $285,000 0.0% 19 12 Chidlow 11 $229,000 8 $255,000-1.5% -10.2% $259,000 $222,000 $217,500-2.0% 2 2 Helena Valley 24 $285,000 24 $290,000 0.9% -1.7% $267,500 $275,000 $285,000 3.6% 5 4 Swan 906 $241,175 1,436 $259,000-2.1% -6.9% $260,000 $235,500 $250,500 6.4% 261 84 Aveley 216 $220,125 383 $248,000-1.9% -11.2% $240,000 $198,000 $235,000 18.7% 70 21 Brabham 272 $234,500 233 $234,000 0.6% 0.2% $233,300 $234,500 $253,000 7.9% 82 18 Bullsbrook 15 $179,000 43 $171,000 1.1% 4.7% $175,500 $205,000 $242,000 18.0% 3 3 Caversham 104 $305,000 200 $309,000-0.7% -1.3% $299,500 $309,000 $295,000-4.5% 35 13 Dayton 129 $250,000 187 $260,000-3.8% -3.8% $265,000 $240,000 $256,500 6.9% 26 12 Ellenbrook 79 $225,000 249 $234,000-3.8% -3.8% $252,000 $219,000 $225,000 2.7% 17 6 The Vines 47 $299,000 77 $275,000 8.7% 8.7% $259,000 $265,000 $326,000 23.0% 14 8 Perth Metro Region 5,835 $265,000 9,872 $263,000 1.9% 0.8% $260,500 $259,500 $295,000 13.7% 1,675 616 Excludes suburbs with less than 10 sales for the year & lots less than 1 Ha. All land sales figures are preliminary for up to 12 months due to pre-selling. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. SEPTEMBER QUARTER 2016 MARKET UPDATE 23

PERTH REGION South East Sub-Region PERTH REGION SOUTH EAST SUB-REGION Housing and Multi-residential Market Preliminary sales in the South East sub-region have decreased by approximately 26 per cent during the September quarter. All three sub-markets of Armadale, Gosnells and Serpentine- Jarrahdale recorded a drop in sales activity of 23 per cent, 26 per cent and 36 per cent respectively. The preliminary South East sub-region quarterly median is down 1.1 per cent to $430,000 from a revised June quarter median of $435,000. At a sub-market level, all sub-markets fell during the quarter, Armadale (down 2.0 per cent), Gosnells (down 1.2 per cent) and Serpentine-Jarrahdale (down 1.2 per cent). For the year to September 2016, the quarterly change in the annual median is down 1.1 per cent and the more stable annual change in annual median is also down by 3.3 per cent for the year to $435,000. The top performing suburbs in terms of quarterly change in annual median in the sub-region include Camillo and Southern River with marginal 0.3 and 0.2 per cent improvements respectively, while the rest recorded marginal declines of up to 1.1 per cent. Whilst the multi-residential market is not significant in the South East sub-region, most of the activity was in the Gosnells sub-market. The preliminary quarterly median price for units in the South East sub-region is up 15.6 per cent from the September 2016 quarter to $285,500 from a revised June quarter median of $247,500. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 Sep-11 PERTH SOUTH EAST SUB-REGION 1,000 Sep-12 TOP 5 SUBURBS BY VOLUME Sep-13 LAND SALES - SE LAND MEDIAN - SE PMR LAND MEDIAN Sep-14 Year to September 2016 Land Median Sep-15 0 Sep-16 in Perth Metro Region 5,835 $265,000 1.9% South East Sub-Region 1,196 $240,000 0.0% Piara Waters 222 $284,500-2.2% Byford 219 $207,500 1.0% Hilbert 112 $194,800-0.1% Maddington 89 $237,000-1.3% Harrisdale 88 $294,000-0.7% 800 600 400 200 $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 Sep-11 Land Market PERTH SOUTH EAST SUB-REGION 1,500 Sep-12 Sep-13 HOUSE SALES - SE HOUSE MEDIAN - SE PMR HOUSE MEDIAN Sep-14 Sep-15 TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE Year to September 2016 SOUTH EAST House Median Highest 10 Year Ave 0 Sep-16 1,250 1,000 Whilst land sales activity in the South East sub-region continues to soften in the quarter, it is important to note that over coming months land sales will settle and on average lift the volumes up, as was evident in the June 2016 quarter. In the June edition of Market Update, we reported land sales of 162, but now in the September quarter that figure has revised up to 340 sales. Preliminary data suggests stability in quarterly median prices for the South East sub-region remaining at $240,000 with the June quarter revised median. For the year to September 2016, the annual change in annual median is down 2.5 per cent to $240,000. Piara Waters is the bestselling suburb in the South East sub-region for land sales, recording 222 sales in the year to September 2016. Other suburbs with top sales include, Byford with 219 sales, Hilbert at 112 sales, Maddington with 89 sales and Harrisdale with 88 sales. 750 500 250 in Median % Camillo 48 $311,000 $445,000 0.3% Southern River 111 $587,000 $1,175,000 0.2% Beckenham 88 $449,000 $1,900,000-0.2% Maddington 159 $370,000 $1,500,000-0.4% Mount Richon 32 $433,000 $822,000-0.5% Armadale 183 $310,000 $1,400,000-0.6% Roleystone 89 $540,000 $900,000-0.9% Langford 47 $414,000 $580,000-1.0% Gosnells 230 $358,750 $670,000-1.0% Thornlie 262 $445,000 $600,000-1.1% Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. 24 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION South East Sub-Region STOCK OF HOUSE LISTINGS & SELLING DAYS - SOUTH EAST SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS Listings at Sept Quarter 2016 House Listings Average Selling Days (p) Armadale 927 548 9.8% -3.2% 72 8 2 Gosnells 858 615-7.7% -2.5% 66 1 11 Serpentine-Jarrahdale 281 166 1.8% -4.6% 94 27 17 South East Sub-Region 2,066 1,329 0.1% -3.1% 71 6 8 Perth Metro Region 14,170 8,649-0.6% -6.5% 68 3 5 Note: Listings to Dwelling Stock Ratio = Dwelling Listings as a percentage of estimated Dwelling Stock SOUTH EAST SUB-REGION SELLER SENTIMENT: HOUSES - SOUTH EAST SEPTEMBER QUARTER 2016 SUBMARKETS Overall Market Variance Listing vs Sold Listing Stock and Selling Days The overall stock of house listings in the South East subregion increased by 0.1 per cent in the September quarter. The sub-market of Gosnells saw a decrease of 7.7 per cent, whilst both Armadale and Serpentine-Jarrahdale increased by 9.8 and 1.8 per cent respectively in stock levels. House listings make up 64 per cent of total stock in the South East sub-region. Average selling days for houses only increased by six day in the quarter to record 71 days, three day longer to sell houses than the Perth metro market. The Serpentine-Jarrahdale submarket deteriorated by 27 days in the quarter to reach 94 selling days. It takes 72 days to sell a house in Armadale (up eight days) and 66 days in Gosnells (up by one day). September Quarter 2016 June Quarter 2016 September Quarter 2015 Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors South East Sub-Region -3.5% 63.7% -6.6% -3.2% 61.2% -6.2% -3.3% 60.8% -5.6% Armadale -3.1% 61.1% -5.6% -3.3% 66.7% -5.8% -3.2% 63.8% -5.9% Gosnells -3.6% 62.7% -7.3% -3.2% 61.2% -6.2% -3.5% 57.9% -5.4% Serpentine-Jarrahdale -3.8% 76.2% -6.6% -3.1% 71.6% -5.4% -2.7% 63.9% -5.0% Perth Metro Region -4.0% 51.8% -6.7% -3.1% 60.6% -5.9% -3.6% 52.7% -6.1% Seller Sentiment - Houses The number of sellers discounting in the South East subregion has increased over the September quarter to 63.7 per cent. This is 2.9 percentage points higher than the same time last year. The average discount offered by sellers in the South East sub-region is 6.6 per cent, an increase on the 6.2 per cent recorded in the June 2016 quarter. The overall market sentiment in the sub-region is still pessimistic but marginally better than the Perth Metro region by 0.1 percentage points. SEPTEMBER QUARTER 2016 MARKET UPDATE 25

PERTH REGION South East Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED HOUSE SALES - PERTH SOUTH EAST SUBURBS SEPTEMBER QUARTER 2016 SOUTH EAST SUB-REGION SUB-MARKETS & SUBURBS House Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 House Rent per week South East Sub-Region 2,678 $360,000 $435,000 $540,000 $3,080,000-1.1% -3.3% $445,000 $435,000 $430,000-1.1% 691 512 $350 71 Armadale 1,019 $325,000 $412,500 $525,000 $3,080,000-0.6% -1.8% $420,000 $415,000 $406,500-2.0% 250 192 $320 72 Armadale 183 $270,000 $310,000 $345,000 $1,400,000-0.6% -3.1% $310,000 $315,000 $290,000-7.9% 41 30 $283 78 Bedfordale 25 $660,000 $725,000 $795,000 $1,100,000-1.0% -3.3% $745,000 $653,500 $740,000 13.2% 8 7 $500 83 Brookdale 28 $307,500 $322,500 $340,000 $405,000-2.3% -5.1% $374,000 $330,000 $310,000-6.1% 5 7 $308 65 House Average Selling Days Camillo 48 $285,000 $311,000 $350,000 $445,000 0.3% -2.2% $312,500 $302,500 $322,500 6.6% 11 8 $290 110 Champion Lakes 14 $430,000 $470,750 $550,000 $660,000 2.3% 2.7% $455,000 $469,500 $552,500 17.7% 6 3 $425 102 Forrestdale 5 $367,500 $400,000 $520,000 $560,000 1.1% -8.0% $391,000 $225,000 $407,500 81.1% 1 2 $375 98 Harrisdale 115 $460,000 $520,000 $612,500 $3,080,000-2.8% -7.0% $603,000 $510,000 $530,000 3.9% 31 21 $380 44 Hilbert 32 $326,000 $406,250 $680,000 $899,000-1.5% -23.3% $402,500 $387,000 $353,500-8.7% 9 7 $345 88 Kelmscott 128 $315,000 $377,000 $455,000 $780,000-2.1% -3.3% $394,000 $350,000 $385,000 10.0% 36 21 $280 50 Mount Nasura 54 $360,000 $405,000 $535,000 $700,000-1.8% -12.0% $430,000 $389,000 $395,000 1.5% 12 11 $415 60 Mount Richon 32 $382,000 $433,000 $532,000 $822,000-0.5% -11.6% $450,000 $500,000 $445,500-10.9% 9 4 $330 127 Piara Waters 120 $480,000 $526,000 $600,000 $947,000-2.6% -4.6% $554,000 $565,000 $505,000-10.6% 31 23 $400 58 Roleystone 89 $480,000 $540,000 $638,000 $900,000-0.9% -4.4% $560,000 $600,000 $562,250-6.3% 13 16 $450 97 Seville Grove 144 $333,750 $385,000 $420,000 $525,000-1.2% -3.3% $402,500 $385,000 $354,500-7.9% 37 30 $310 57 Gosnells 1,433 $377,750 $449,000 $550,000 $1,900,000-0.8% -3.4% $465,000 $445,500 $440,000-1.2% 372 276 $365 66 Beckenham 88 $410,000 $449,000 $550,000 $1,900,000-0.2% -3.4% $460,000 $436,500 $490,000 12.3% 32 15 $320 44 Canning Vale 358 $515,000 $580,000 $649,000 $1,385,000-1.7% -5.2% $595,000 $565,000 $562,000-0.5% 95 69 $420 64 Gosnells 230 $315,000 $358,750 $407,000 $670,000-1.0% -5.6% $360,000 $355,000 $327,500-7.7% 61 45 $300 61 Huntingdale 111 $379,000 $412,000 $452,501 $598,000-1.9% -7.4% $448,000 $420,000 $420,000 0.0% 25 21 $365 50 Kenwick 50 $320,000 $393,250 $430,000 $1,000,000-2.9% -2.9% $402,500 $360,000 $329,000-8.6% 14 7 $340 60 Langford 47 $360,000 $414,000 $449,000 $580,000-1.0% -3.9% $414,000 $420,000 $376,000-10.5% 13 8 $310 90 Maddington 159 $330,500 $370,000 $415,000 $1,500,000-0.4% -4.8% $387,000 $376,000 $372,000-1.1% 46 31 $310 55 Martin 15 $420,000 $485,000 $586,000 $760,000 0.5% -11.8% $350,000 $630,000 $472,500-25.0% 2 4 $310 109 Southern River 111 $522,500 $587,000 $650,000 $1,175,000 0.2% -0.8% $567,000 $572,500 $537,000-6.2% 22 18 $420 116 Thornlie 262 $405,000 $445,000 $485,000 $600,000-1.1% -3.3% $472,000 $440,000 $435,000-1.1% 61 58 $355 63 Serpentine-Jarrahdale 226 $390,000 $435,000 $509,000 $1,200,000 0.0% -3.1% $440,000 $425,000 $420,000-1.2% 69 44 $360 94 Byford 177 $385,000 $425,000 $490,000 $935,000-1.2% -3.4% $435,000 $420,000 $407,500-3.0% 57 34 $355 79 Jarrahdale 15 $292,000 $420,000 $633,500 $720,000-12.5% -21.6% $658,000 $535,000 $285,000-46.7% 6 3 $490 103 Mundijong 13 $420,000 $442,500 $524,500 $630,000 1.7% 7.8% $412,500 $411,500 $457,500 11.2% 2 2 $490 143 Serpentine 12 $463,000 $512,500 $607,500 $710,000-4.7% -12.4% $675,000 $380,000 $645,000 69.7% 2 3 $500 73 Perth Metro Region 21,729 $427,000 $530,000 $710,000 $14,130,000-0.9% -3.6% $532,000 $532,000 $510,000-4.1% 5,901 3,989 $380 68 Excludes suburbs with less than 5 sales for the year & dwellings on lots greater than 1 Ha. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. 26 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION South East Sub-Region MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH SOUTH EAST SUBURBS SEPTEMBER QUARTER 2016 PERTH REGION SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 Unit Rent per week South East Sub-Region 107 $249,000 $300,000 $345,000 $1,100,000-3.2% -6.3% $319,500 $247,000 $285,500 15.6% 22 20 $290 94 Unit Average Selling Days Armadale 43 $208,750 $260,000 $292,000 $725,000-3.7% -15.9% $275,000 $210,000 $282,000 34.3% 13 9 $280 77 Armadale 28 $200,000 $238,250 $282,000 $339,000-3.5% -24.3% $299,000 $222,000 $200,000-9.9% 10 5 $275 66 Kelmscott 10 $277,500 $284,000 $300,000 $315,000 1.3% -4.5% $275,000 $242,500 $289,000 19.2% 2 3 $280 60 SOUTH EAST SUB-REGION Gosnells 64 $287,500 $326,250 $365,000 $1,100,000-4.0% -6.8% $340,000 $315,000 $317,500 0.8% 9 11 $300 105 Beckenham 14 $332,500 $361,750 $380,000 $390,000-3.9% -4.3% $430,000 $330,000 $332,500 0.8% 2 1 $340 98 Gosnells 23 $273,750 $320,000 $347,000 $1,100,000-2.3% -2.6% $352,500 $290,000 $296,250 2.2% 5 4 $290 68 Thornlie 13 $262,000 $310,000 $376,500 $450,000-4.6% -5.3% $325,000 $329,000 $249,000-24.3% 2 3 $325 106 Perth Metro Region 4,570 $345,000 $425,000 $565,000 $6,100,000-0.7% -3.2% $430,000 $410,000 $425,000 3.7% 1,203 881 $350 80 Excludes suburbs with less than 10 sales for the year. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. MEDIAN PRICE OF LAND SALES - PERTH SOUTH EAST SUBURBS SEPTEMBER QUARTER 2016 Year to Sepember 2016 Year to Sepember 2016 SUB-MARKETS Land Median Land Median Sept Qtr Prelim Qtly June Qtr Sept Qtr & SUBURBS Sept Qtr 2015 June Qtr 2016 2016 (P) 2016 2016 South East Sub-Region 1,196 $240,000 2,364 $246,200 0.0% -2.5% $240,000 $240,000 $240,000 0.0% 340 93 Armadale 599 $250,000 1,167 $257,000-2.0% -2.7% $265,000 $237,000 $241,500 1.9% 171 44 Armadale 17 $135,000 13 $310,000 0.0% -56.5% $135,000 $159,000 $229,500 44.3% 5 2 Bedfordale 16 $332,500 16 $342,500-0.7% -2.9% $335,000 $345,000-100.0% 3 Champion Lakes 10 $217,000 12 $252,500-4.8% -14.1% $243,500 $214,500 $209,000-2.6% 6 3 Harrisdale 88 $294,000 275 $280,000-0.7% 5.0% $299,000 $290,000 $289,500-0.2% 23 4 Haynes 68 $210,000 125 $222,000-2.3% -5.4% $222,500 $209,000 $178,500-14.6% 20 4 Hilbert 112 $194,800 205 $185,300-0.1% 5.1% $192,100 $195,000 $186,000-4.6% 35 9 Piara Waters 222 $284,500 387 $302,000-2.2% -5.8% $302,250 $295,000 $284,750-3.5% 60 18 Roleystone 11 $295,000 13 $290,000 0.0% 1.7% $290,000 $295,000 $290,000-1.7% 3 1 Seville Grove 45 $192,000 96 $234,500-8.8% -18.1% $210,500 $190,000 $175,000-7.9% 14 1 Gosnells 316 $275,000 601 $282,000 0.0% -2.5% $277,000 $260,000 $289,000 11.2% 77 28 Beckenham 55 $300,000 107 $280,000 2.4% 7.1% $281,500 $284,500 $322,500 13.4% 20 6 Canning Vale 14 $430,000 34 $312,000 9.6% 37.8% $371,500 $545,000 $444,250-18.5% 2 2 Gosnells 21 $182,000 50 $236,500-18.3% -23.0% $235,247 $250,000-100.0% 6 Huntingdale 16 $282,500 6 $295,000 2.3% -4.2% $283,000 $260,000 $289,000 11.2% 1 2 Maddington 89 $237,000 76 $256,500-1.3% -7.6% $250,000 $256,000 $240,000-6.3% 24 7 Martin 29 $265,000 91 $268,000-1.3% -1.1% $285,000 $279,000-100.0% 8 Southern River 80 $339,000 216 $325,000 1.2% 4.3% $325,000 $327,500 $335,000 2.3% 12 9 Thornlie 10 $290,000 15 $295,000-1.7% -1.7% $301,000 $251,500 $400,000 59.0% 4 1 Serpentine-Jarrahdale 281 $205,000 596 $203,500 0.5% 0.7% $200,000 $211,250 $199,000-5.8% 92 21 Byford 219 $207,500 467 $207,000 1.0% 0.2% $204,000 $212,250 $206,500-2.7% 72 12 Darling Downs 10 $241,250 33 $216,500 11.2% 11.4% $205,000 $227,500 $242,750 6.7% 3 2 Whitby 47 $192,000 90 $180,000 3.8% 6.7% $181,000 $199,000 $195,000-2.0% 16 7 Perth Metro Region 5,835 $265,000 9,872 $263,000 1.9% 0.8% $260,500 $259,500 $295,000 13.7% 1,675 616 Excludes suburbs with less than 10 sales for the year & lots less than 1 Ha. All land sales figures are preliminary for up to 12 months due to pre-selling. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. SEPTEMBER QUARTER 2016 MARKET UPDATE 27

SOUTH WEST SUB-REGION PERTH REGION Housing and Multi-residential Market Preliminary sales figures for the September quarter indicate the South West sub-region had weaker sales activity by 26 per cent. Significant drops in sales volumes were felt across all three sub-markets. 26 per cent in Cockburn, 34 per cent in Kwinana and 24 per cent in Rockingham. The preliminary quarterly median for the South West subregion is down by 4.4 per cent to $430,000 from a revised June quarter median of $450,000. Sub-markets experienced mixed motion in preliminary quarterly medians with Kwinana and Rockingham in decline by four and 3.6 per cent respectively, whilst Cockburn saw a marginal increase of one per cent. Looking at the annual median, there were reductions in the annual change in annual medians across all sub-markets, with the sub-region recording a decline of 3.3 per cent to $445,000. Top suburbs in terms of quarterly change in annual median is Coogee at 3.0 per cent, Beeliar at 2.0 per cent and South Lake at 1.1 per cent. In the multi-residential market, unit sales maintained positive levels of activity in the Cockburn and Kwinana sub-markets with a lift of nine and 75 per cent respectively in September 2016 quarter. The Rockingham sub-markets recorded a drop of 66 per cent in sales activity. The September preliminary quarterly median price is higher by 1.4 per cent to $350,000 over the revised June quarter median of $345,000. $350,000 $325,000 $300,000 $275,000 $250,000 $225,000 $200,000 $175,000 $150,000 Sep-11 PERTH SOUTH WEST SUB-REGION 1,200 Sep-12 TOP 5 SUBURBS BY VOLUME Sep-13 South West Sub-Region PERTH REGION LAND SALES - SW LAND MEDIAN - SW PMR LAND MEDIAN Sep-14 Year to September 2016 Land Median Sep-15 800 600 400 200 0 Sep-16 1,000 in Perth Metro Region 5,835 $265,000 1.9% South West Sub-Region 1,437 $243,000 1.3% Baldivis 325 $200,000-2.0% Wellard 221 $216,000-1.8% Golden Bay 129 $210,000 0.0% Wandi 128 $279,500 0.0% Banjup 76 $292,150-1.2% $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 $300,000 Sep-11 PERTH SOUTH WEST SUB-REGION 1,800 Sep-12 HOUSE SALES - SW HOUSE MEDIAN - SW PMR HOUSE MEDIAN Sep-13 Sep-14 10 Year Ave Sep-15 TOP 10 SUBURBS BY QUARTERLY CHANGE IN PRICE SOUTH WEST Year to September 2016 House Median Highest 0 Sep-16 1,500 1,200 Land Market Whilst preliminary land sales activity in the South West subregion continues to soften in the quarter it is important to note that over coming months land sales will settle and on average lift the volumes up, as was evident in the June quarter 2016. In the June edition of Market Update, we reported land sales of 162, but now in the June quarter that figure has revised up to 413 sales. Preliminary data suggests an increase in quarterly median prices for the South West sub-region, up 16.7 per cent to $283,500 from the June quarter revised median of $243,000. For the year to September 2016, the quarterly change in annual median is up by 1.3 per cent, but the annual change in annual median is lower at -2.7 per cent. Baldivis is the bestselling suburb in the South West sub-region for land sales, recording 325 sales for the year to September 2016. Other suburbs with top sales include, Wellard at 221 sales, Golden Bay at 129, Wandi at 128 sales and Banjup at 76 sales. 900 600 300 in Coogee 42 $750,000 $1,340,000 3.0% Beeliar 97 $540,000 $2,050,000 2.0% South Lake 88 $460,000 $568,000 1.1% Shoalwater 62 $470,000 $1,580,000 1.1% Munster 66 $580,000 $1,400,000 0.9% Waikiki 183 $380,000 $825,000 0.5% Bibra Lake 62 $532,500 $910,000 0.5% Safety Bay 111 $400,000 $950,000 0.1% Leda 39 $325,000 $455,000 0.0% Port Kennedy 179 $400,000 $820,000 0.0% Singleton 47 $425,000 $795,000 0.0% Excludes suburbs with less than 30 sales for the year & dwellings on lots greater than 1 Ha. 28 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION South West Sub-Region STOCK OF HOUSE LISTINGS & SELLING DAYS - SOUTH WEST SEPTEMBER QUARTER 2016 SUB-MARKETS Listings at September Quarter 2016 House Listings Average Selling Days (p) Cockburn 1,082 569 0.7% -4.2% 74 1 3 Kwinana 352 269 5.5% -26.1% 76 12 2 Rockingham 1,415 966 0.0% -0.5% 79 2 4 South West Sub-Region 2,849 1,804 1.0% -6.5% 76 3 4 Perth Metro Region 14,170 8,649-0.6% -6.5% 68 3 5 Note: Listings to Dwelling Stock Ratio = Dwelling Listings as a percentage of estimated Dwelling Stock SOUTH WEST SUB-REGION PERTH REGION Listing Stock and Selling Days The South West sub-region experienced a slight lift in overall house listings through the September quarter, up one per cent. At a sub-market level, Kwinana experienced the largest increase in listings, up 5.5 per cent. Cockburn and Rockingham remained steady with a marginal increase of 0.7 and zero per cent throughout the September quarter. The latest figures for the South West sub-region show average selling days for houses increased by three days to 76 days over the quarter. This is still eight days higher than the Perth Metro region s average, which sits at 68 days. Rockingham recorded the highest increase in average selling days of 12 days, it now takes 76 days to sell a house. SELLER SENTIMENT: HOUSES - SOUTH WEST SEPTEMBER QUARTER 2016 SUBMARKETS Overall Market Variance Listing vs Sold September Quarter 2016 June Quarter 2016 September Quarter 2015 Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors Overall Market Variance Listing vs Sold Proportion of Vendors Discounting Listing & Sold Variance for Discounting Vendors South West Sub-Region -3.5% 52.3% -6.5% -3.1% 60.6% -5.9% -3.2% 56.8% -5.8% Cockburn -3.5% 52.3% -6.5% -3.2% 54.7% -6.1% -3.4% 55.6% -5.7% Kwinana -4.3% 49.6% -7.1% -3.6% 45.4% -5.5% -3.4% 44.4% -4.4% Rockingham -3.7% 65.6% -6.6% -3.1% 60.6% -5.9% -3.1% 60.9% -6.1% Perth Metro Region -4.0% 51.8% -6.7% -3.1% 60.6% -5.9% -3.6% 52.7% -6.1% Seller Sentiment - Houses There are 52.3 per cent of sellers discounting their houses in the current market in the South West sub-region. This is 4.5 percentage points higher than the same time last year. The average discount of those sellers in the sub-region is 6.5 per cent in the September quarter which is slightly lower than the average discount in the Perth Metro region. The overall market sentiment in the South West sub-region is more positive than the Perth metro region at -3.5 per cent. SEPTEMBER QUARTER 2016 MARKET UPDATE 29

SOUTH WEST SUB-REGION PERTH REGION SUB-MARKETS & SUBURBS House South West Sub-Region PERTH REGION MEDIAN PRICE OF ESTABLISHED HOUSE SALES - PERTH SOUTH WEST SUBURBS SEPTEMBER QUARTER 2016 Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 House Rent per week House Average Selling Days South West Sub-Region 3,385 $370,000 $445,000 $536,750 $2,050,000-1.1% -3.3% $445,000 $450,000 $430,000-4.4% 870 641 $350 76 Cockburn 1,185 $465,000 $525,000 $615,000 $2,050,000-0.9% -5.4% $530,000 $515,000 $520,000 1.0% 314 232 $390 74 Atwell 113 $485,000 $535,000 $600,000 $1,270,000-0.9% -6.1% $537,500 $512,000 $527,500 3.0% 27 18 $405 65 Aubin Grove 78 $505,000 $579,500 $663,500 $830,000-0.1% -5.8% $593,000 $569,500 $605,000 6.2% 20 16 $415 89 Banjup 10 $515,000 $592,500 $795,000 $869,000-1.3% -13.5% $685,000 $595,000 $690,000 16.0% 2 4 $445 109 Beeliar 97 $490,000 $540,000 $617,500 $2,050,000 2.0% 0.4% $493,000 $557,000 $575,500 3.3% 28 18 $390 62 Bibra Lake 62 $470,000 $532,500 $627,000 $910,000 0.5% -7.8% $605,000 $517,500 $565,000 9.2% 12 13 $420 61 Coogee 42 $687,000 $750,000 $875,000 $1,340,000 3.0% -6.3% $767,500 $760,000 $815,000 7.2% 14 8 $473 65 Coolbellup 64 $469,000 $501,000 $525,000 $660,000-1.8% -8.1% $520,000 $492,500 $486,500-1.2% 18 13 $330 53 Hamilton Hill 140 $440,000 $513,500 $580,000 $1,100,000-1.0% -6.6% $542,500 $488,500 $520,000 6.4% 34 27 $380 63 Hammond Park 50 $487,500 $543,000 $615,000 $720,000-0.4% -7.7% $525,000 $510,000 $525,000 2.9% 9 14 $395 79 Jandakot 22 $590,000 $680,000 $750,000 $1,035,000-1.4% -0.5% $812,000 $614,500 $545,000-11.3% 8 2 $468 51 Munster 66 $510,000 $580,000 $679,000 $1,400,000 0.9% -4.1% $535,000 $550,000 $580,000 5.5% 15 9 $400 86 North Coogee 21 $1,045,000 $1,155,000 $1,237,500 $1,500,000 0.4% 0.4% $1,150,000 $1,045,000 $1,195,000 14.4% 6 3 $830 59 North Lake 11 $661,500 $710,000 $752,500 $860,000-1.0% -6.6% $720,000 $750,000 $680,250-9.3% 1 2 $498 65 South Lake 88 $423,750 $460,000 $500,000 $568,000 1.1% 0.0% $435,000 $480,000 $430,000-10.4% 32 15 $340 55 Spearwood 124 $420,000 $498,500 $575,000 $1,230,000-1.5% -6.8% $510,000 $495,000 $487,500-1.5% 36 19 $375 101 Success 105 $490,000 $525,000 $579,500 $785,000-2.8% -5.8% $540,000 $538,000 $515,000-4.3% 29 29 $420 80 Yangebup 90 $405,000 $457,500 $540,000 $890,000-0.5% -5.2% $467,500 $490,000 $432,500-11.7% 23 22 $373 79 Kwinana 487 $290,000 $357,000 $426,500 $925,000-0.8% -4.8% $360,000 $354,000 $340,000-4.0% 128 85 $330 76 Bertram 89 $360,000 $405,000 $443,000 $567,000-1.2% -3.6% $409,750 $379,500 $374,500-1.3% 14 16 $340 99 Calista 27 $292,500 $325,000 $339,500 $475,000-1.5% 1.6% $332,500 $320,000 $290,000-9.4% 6 3 $275 49 Kwinana Town Centre 5 $310,000 $325,000 $330,000 $330,000-1.5% -8.0% $350,500 $325,000 $310,000-4.6% 1 1 $300 67 Leda 39 $295,000 $325,000 $361,750 $455,000 0.0% -5.5% $327,500 $350,000 $307,500-12.1% 11 8 $300 79 Medina 47 $222,500 $245,000 $300,000 $405,000-9.3% -15.5% $295,000 $256,975 $193,500-24.7% 10 7 $265 78 Orelia 60 $262,000 $300,000 $365,000 $525,000-1.6% -11.8% $329,000 $315,000 $276,000-12.4% 19 9 $290 72 Parmelia 75 $263,000 $290,000 $338,750 $480,000-3.3% -9.4% $305,000 $280,000 $279,000-0.4% 25 19 $290 49 Wandi 19 $459,000 $505,000 $537,500 $759,000 0.0% -10.8% $570,000 $470,000 $530,000 12.8% 4 3 $380 138 Wellard 121 $392,750 $430,000 $500,000 $745,000-1.6% -6.5% $450,000 $430,000 $386,250-10.2% 35 18 $340 66 Rockingham 1,713 $356,000 $415,000 $485,000 $1,600,000 0.0% -3.5% $415,000 $415,000 $400,000-3.6% 428 324 $350 79 Baldivis 416 $390,000 $435,000 $495,000 $1,200,000-1.1% -5.4% $435,500 $438,000 $410,000-6.4% 113 85 $350 72 Cooloongup 95 $290,000 $321,000 $350,000 $525,000-2.1% -5.6% $330,000 $320,000 $303,100-5.3% 31 14 $300 79 Golden Bay 52 $348,750 $380,000 $453,500 $710,000-3.8% -9.5% $410,000 $380,000 $350,000-7.9% 16 7 $330 79 Hillman 19 $277,500 $294,000 $315,000 $410,000-1.2% -5.2% $295,000 $320,000 $270,750-15.4% 4 4 $300 63 Karnup 12 $405,000 $405,000 $439,000 $670,000 0.0% -17.8% $550,000 $405,000 $405,000 0.0% 8 1 $350 190 Port Kennedy 179 $366,000 $400,000 $455,395 $820,000 0.0% -2.1% $400,000 $415,000 $380,000-8.4% 35 35 $368 81 Rockingham 190 $345,000 $420,000 $520,000 $1,600,000-2.8% -8.7% $450,000 $425,000 $400,000-5.9% 47 39 $320 76 Safety Bay 111 $368,500 $400,000 $480,000 $950,000 0.1% -9.9% $430,000 $385,000 $460,000 19.5% 26 19 $315 82 Secret Harbour 200 $410,000 $479,000 $560,000 $1,110,000-0.2% 0.8% $470,000 $463,000 $460,000-0.6% 50 39 $380 68 Shoalwater 62 $380,000 $470,000 $587,000 $1,580,000 1.1% -3.3% $385,000 $455,000 $492,500 8.2% 15 10 $345 78 Singleton 47 $388,500 $425,000 $487,500 $795,000 0.0% -7.6% $380,000 $454,500 $432,500-4.8% 10 4 $365 97 Waikiki 183 $320,000 $380,000 $440,000 $825,000 0.5% -5.0% $365,000 $382,500 $392,000 2.5% 46 35 $350 98 Warnbro 147 $328,500 $365,000 $420,000 $1,315,000-5.2% -3.3% $387,500 $348,000 $350,000 0.6% 27 32 $325 79 Perth Metro Region 21,729 $427,000 $530,000 $710,000 $14,130,000-0.9% -3.6% $532,000 $532,000 $510,000-4.1% 5,901 3,989 $380 68 Excludes suburbs with less than 5 sales for the year & dwellings on lots greater than 1 Ha. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. 30 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION South West Sub-Region MEDIAN PRICE OF ESTABLISHED MULTI-RESIDENTIAL SALES - PERTH SOUTH WEST SUBURBS SEPTEMBER QUARTER 2016 SUB-MARKETS & SUBURBS Unit Lower Quartile Year to September 2016 % Median Upper Quartile Highest Sept Qtr 2015 June Qtr 2016 Sept Qtr 2016 (P) Prelim Qtly June Qtr 2016 Sept Qtr 2016 Unit Rent per week Unit Average Selling Days South West Sub-Region 379 $277,000 $350,000 $400,000 $2,220,000 0.3% -2.9% $349,500 $345,000 $350,000 1.4% 97 65 $320 103 Cockburn 181 $345,000 $380,000 $440,000 $2,220,000-1.3% -7.3% $397,500 $385,000 $392,000 1.8% 35 38 $330 73 Beeliar 13 $310,000 $345,000 $349,000 $396,000-1.1% -0.6% $389,000 $391,000 $345,000-11.8% 2 4 $325 Bibra Lake 21 $325,000 $350,000 $402,000 $480,000 2.9% 2.9% $252,500 $340,000 $384,000 12.9% 4 4 Cockburn Central 20 $379,000 $409,500 $465,000 $498,500-2.0% -11.3% $422,500 $400,000 $403,000 0.8% 3 1 $350 85 Hamilton Hill 34 $325,000 $369,500 $410,000 $550,000 4.1% -0.1% $340,000 $400,000 $410,000 2.5% 7 9 $320 67 North Coogee 23 $464,000 $550,000 $660,000 $2,220,000 3.8% -15.2% $727,500 $485,000 $642,500 32.5% 6 4 $395 266 Spearwood 24 $339,500 $392,000 $447,500 $479,000 4.5% 4.5% $237,500 $297,500 $375,000 26.1% 2 5 $325 50 Success 25 $355,000 $360,000 $394,500 $495,000-4.0% -16.3% $400,000 $338,750 $365,000 7.7% 6 5 $320 SOUTH WEST SUB-REGION PERTH REGION Kwinana 29 $185,000 $253,000 $350,000 $365,000-3.1% 10.7% $252,500 $171,500 $170,000-0.9% 4 7 $220 147 Orelia 11 $176,500 $185,000 $210,250 $253,000 0.0% -9.5% $190,000 $166,500 $167,500 0.6% 2 4 $210 150 Wellard 11 $360,000 $360,000 $360,000 $365,000 0.0% 4.3% $390,000 $320,000 2 $300 105 Rockingham 169 $250,000 $295,000 $365,000 $1,225,000 0.0% -9.2% $297,500 $316,500 $292,500-7.6% 58 20 $280 123 Baldivis 28 $277,000 $360,000 $385,000 $409,000-1.4% 0.0% $358,000 $345,000 $296,000-14.2% 13 4 $315 145 Rockingham 90 $240,000 $280,000 $359,000 $1,225,000-5.1% -15.2% $325,000 $318,000 $323,500 1.7% 29 10 $280 89 Shoalwater 33 $230,000 $275,000 $325,000 $685,000-5.2% -5.2% $290,000 $248,000 $257,500 3.8% 9 4 $250 85 Waikiki 10 $298,000 $349,500 $377,000 $409,000 2.8% 10.0% $285,500 $368,000 $327,500-11.0% 4 2 $285 162 Perth Metro Region 4,570 $345,000 $425,000 $565,000 $6,100,000-0.7% -3.2% $430,000 $410,000 $425,000 3.7% 1,203 881 $350 80 Excludes suburbs with less than 5 sales for the year. All figures are preliminary for up to 4 months after end of quarter. REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. MEDIAN PRICE OF LAND SALES - PERTH SOUTH WEST SUBURBS SEPTEMBER QUARTER 2016 Year to September 2016 Year to September 2016 SUB-MARKETS June Sept Land Median Land Median Sept Qtr Prelim Qtly & SUBURBS Sept Qtr 2015 June Qtr 2016 Qtr 2016 Qtr 2016 2016 (P) South West Sub-Region 1,437 $243,000 2,585 $249,700 1.3% -2.7% $240,000 $243,000 $283,500 16.7% 413 148 Cockburn 446 $315,000 846 $318,250-1.4% -1.0% $329,000 $300,000 $312,500 4.2% 134 66 Banjup 76 $292,150 219 $303,500-1.2% -3.7% $322,500 $289,000 $293,600 1.6% 29 10 Beeliar 63 $299,000 84 $319,000-0.3% -6.3% $324,000 $283,000 $299,000 5.7% 20 7 Coogee 33 $435,000 51 $430,000-0.6% 1.2% $440,000 $436,250 $421,000-3.5% 10 4 Coolbellup 29 $235,000 30 $260,000 0.0% -9.6% $235,000 $225,000 $297,500 32.2% 16 3 Hamilton Hill 22 $230,000 32 $289,500-4.2% -20.6% $247,500 $340,000 $218,000-35.9% 6 4 Hammond Park 42 $337,450 81 $320,000-2.8% 5.5% $347,000 $323,000 $326,000 0.9% 16 8 Munster 33 $315,000 40 $317,500 2.6% -0.8% $270,000 $290,000 $315,000 8.6% 7 3 North Coogee 44 $504,000 51 $575,000-4.9% -12.3% $617,500 $458,750 $470,000 2.5% 14 11 Spearwood 39 $380,000 111 $371,000 1.3% 2.4% $370,000 $339,500 $310,000-8.7% 6 5 Success 53 $300,000 102 $317,500-0.7% -5.5% $289,000 $300,000 $282,500-5.8% 9 8 Kwinana 407 $228,000 761 $241,000-0.9% -5.4% $237,000 $217,000 $310,000 42.9% 118 26 Kwinana Town Centre 22 $165,000 29 $210,000 0.0% -21.4% $165,000 $160,000-100.0% 5 Parmelia 26 $212,500 28 $222,500-1.2% -4.5% $220,000 $210,000 $225,000 7.1% 7 1 Wandi 128 $279,500 233 $295,000 0.0% -5.3% $286,000 $262,000 $300,000 14.5% 29 7 Wellard 221 $216,000 459 $232,500-1.8% -7.1% $228,000 $209,000 $325,000 55.5% 72 17 Rockingham 584 $206,000 978 $215,000-0.5% -4.2% $210,000 $207,000 $207,500 0.2% 161 56 Baldivis 325 $200,000 583 $215,000-2.0% -7.0% $214,500 $199,000 $199,500 0.3% 87 32 Golden Bay 129 $210,000 133 $215,000 0.0% -2.3% $210,000 $195,000 $195,000 0.0% 26 9 Karnup 38 $190,001 118 $180,000 0.3% 5.6% $180,000 $200,000 $200,000 0.0% 15 3 Secret Harbour 25 $375,000 39 $240,000 13.6% 56.3% $240,000 $355,000 $390,000 9.9% 7 3 Singleton 22 $242,000 31 $265,000-0.4% -8.7% $265,000 $247,000 $392,500 58.9% 11 2 Waikiki 13 $195,000 25 $225,000 0.0% -13.3% $200,000 $190,000-100.0% 5 Perth Metro Region 5,835 $265,000 9,872 $263,000 1.9% 0.8% $260,500 $259,500 $295,000 13.7% 1,675 616 Excludes suburbs with less than 10 sales for the year & lots less than 1 Ha. All land sales figures are preliminary for up to 12 months due to pre-selling REIWA - For the exclusive use of REIWA Subscribers. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright SEPTEMBER QUARTER 2016 MARKET UPDATE 31

PERTH REGION RENTAL REPORT PERTH RENTAL MARKET SEPTEMBER QUARTER 2016 SEPTEMBER QUARTER 2016 Median Weekly Rent House $380-2.6% -9.5% Unit $350-2.8% -10.3% Total $370-2.6% -7.5% Gross rental yields, Perth (1) Houses 3.9% +0.1 pts -0.2 pts Units 4.3% -0.3 pts -0.4 pts Vacancy Rate 6.6% +0.6 pts +1.0 pts 1 The median rental yield is a measure of rental income as a proportion of current property values. The yield is calculated on median rent and and median price. This is a gross measure of yields and does not take account of expenses incurred in owning a rental property, rental vacancies, or depreciation of a rental property. 2 The vacancy rate is a measure of the proportion of the total stock of agency managed rental properties that is unoccupied. The vacancy rate is obtained from surveys of real estate agents that manage rental properties. Perth Rental Report PERTH REGION September 2016 Perth Metro Region Property Median Rent September Qtr 2016 Leased House Unit Overall The overall median weekly rent for the Perth Metro Region has dropped by 2.6 per cent on a quarterly basis to record $370 for the September 2016 quarter. This is down by 7.5 per cent on the same time last year. The volume of leased properties for the Perth Metro Region increased by 11.5 per cent for the September 2016 quarter to record 13,881 leased properties. Over 50 per cent of these leases were for properties in the Central sub-region. Compared to a year ago, leases have increased by 10.3 per cent. The Perth Metro Region vacancy rate lifted from 6.0 per cent in the June quarter to 6.6 per cent for the latest September 2016 quarter. The vacancy rate has been trending higher since the beginning of the year and the latest quarterly increase reflects the strong lift in properties listed for rent in the market which also continue to trend higher. A key influencer of the Perth rental market are the trends in migration. The recent population figures from the ABS reveals that net interstate migration continued to worsen during the March 2016 quarter. This, together with subdued overseas migration figures has ensured that population growth is only increasing at a slow rate of 1.2% per annum. Active Listings PERTH METRO REGION 13,887 11.5% 10.4% $380 $350 $370-2.6% -7.5% 10,709-2.8% 29.2% 53 5 20 Central Sub-Region 7,617 11.3% 7.2% $420 $355 $390-1.3% -7.1% 5,837-4.8% 21.7% 53 6 17 Inner Sector 3,318 12.1% 5.1% $520 $385 $410-2.4% -8.9% 2,481-6.9% 10.9% 52 7 13 Fremantle 324 12.5% 27.6% $495 $380 $440 1.7% -5.9% 194-22.4% 23.6% 52 13 17 Perth City 943 19.1% 5.0% $438 $420 $425-5.6% -11.5% 707-9.7% -4.2% 53 7 8 South Perth/Victoria Park 849 0.7% 0.5% $400 $350 $370-2.6% -7.5% 761 1.2% 25.6% 55 7 19 Vincent 249 1.6% 5.5% $475 $398 $430-4.4% -10.4% 177-3.3% 22.1% 48-2 21 Western Suburbs 953 20.2% 3.3% $700 $350 $450 2.3% -9.1% 642-7.8% 8.4% 52 7 12 Middle Sector 4,299 10.7% 8.8% $395 $340 $370-2.6% -7.5% 3,356-3.3% 31.2% 53 6 20 Bassendean/Bayswater 638 0.6% 8.9% $395 $320 $370 2.8% -6.3% 489-8.1% 20.1% 54 6 19 Belmont 524 21.6% 20.2% $360 $350 $360-5.3% -10.0% 399-3.6% 42.5% 53 12 18 Canning 609 6.1% -6.7% $380 $330 $360-3.4% -7.7% 525-4.4% 27.1% 57 6 23 Melville 585 13.2% 7.9% $450 $360 $420-2.3% -6.7% 460-0.6% 19.8% 51 2 18 Stirling East 1,002-0.3% 9.6% $350 $320 $340-2.9% -8.1% 937 11.7% 40.7% 55 2 24 Stirling SE 233 14.2% 20.1% $495 $300 $350-7.3% -12.5% 169-6.6% 21.6% 55 17 16 Stirling West 708 36.7% 13.1% $480 $395 $440-2.2% -8.3% 377-23.4% 40.1% 49 15 14 Outer Sub-Regions 6,270 11.8% 14.6% $360 $316 $355-4.1% -11.2% 4,872-0.2% 39.6% 52 4 24 North East 1,053 10.4% 14.3% $380 $300 $360-5.3% -12.2% 758-5.0% 40.1% 54 8 31 Kalamunda 232-1.3% 4.5% $400 $328 $395-1.3% -10.2% 154-2.5% 38.7% 49 1 27 Mundaring 61-20.8% -9.0% $450 $300 $440-2.2% 0.0% 37-2.6% 27.6% 45 9 7 Swan 760 18.4% 20.3% $360 $300 $350 0.0% -12.5% 567-5.8% 41.4% 56 10 35 North West 1,916 14.4% 13.8% $380 $350 $375-2.6% -9.6% 1,474-0.3% 29.1% 52 3 22 Joondalup North 380 27.1% 10.5% $410 $350 $390-2.5% -6.6% 271-5.2% 19.9% 53 3 24 Joondalup South 384 2.9% 10.0% $430 $390 $430 0.0% -10.4% 234-10.7% 14.1% 48 3 21 Wanneroo North East 243 10.0% -0.8% $393 $340 $390-2.5% -9.3% 182 9.0% 28.2% 47-3 17 Wanneroo North West 706 17.5% 20.9% $340 $340 $340-2.9% -12.8% 628 5.7% 38.0% 57 3 20 Wanneroo South 203 12.2% 25.3% $413 $340 $400 1.3% 0.0% 159-5.9% 39.5% 50 6 34 South East 1,210 8.8% 5.4% $350 $290 $340-5.6% -10.5% 970 4.3% 47.4% 50 10 27 Armadale 446 10.9% 5.9% $320 $280 $300-11.8% -14.3% 373 8.4% 37.1% 48 9 25 Gosnells 656 7.4% 1.1% $365 $300 $350-2.8% -7.9% 527 4.4% 56.4% 52 10 27 Serpentine-Jarrahdale 108 9.1% 38.5% $360 $360-5.3% -12.7% 70-13.6% 42.9% 50 11 41 South West 2,091 12.1% 21.6% $350 $320 $350-2.8% -10.3% 1,670-0.4% 45.3% 53 (0) 22 Cockburn 796 7.7% 12.7% $390 $330 $380-3.8% -9.5% 658 9.5% 54.8% 50 1 18 Kwinana 350 23.7% 51.5% $330 $220 $320-3.0% -11.1% 252-12.8% 65.8% 55 12 16 Rockingham 945 12.1% 20.8% $350 $280 $340-2.9% -10.5% 760-3.4% 32.9% 54-5 27 Sourced from Rental Data/Perth Sub-market Summary Table by PPR Average Leasing Days in days in days 32 MARKET UPDATE SEPTEMBER QUARTER 2016

PERTH REGION Perth Rental Report PERTH REGION PERTH METROPOLITAN REGION 7.0% Vacancy rate (LHS) 6.0% Median rent ($/week) 5.0% 4.0% 3.0% 3% Equilibrium Source: reiwa.com & Member Surveys $500 $450 $400 $350 $300 Perth Metropolitan Rental Listings Total Listings Houses Units Source: reiwa.com RENTAL REPORT 2.0% $250 1.0% $200 0.0% S-09 D M-10 J S-10 D M-11 J S-11 D M-12 J S-12 D M-13 J S-13 D M-14 J S-14 D M-15 J S-15 D M-16 J S-16 $150 Rental listings decreased by approximately three per cent at the end of the September quarter to 10,709 listings. However, in comparison to the same time last year, listings are up by 29 per cent. In terms of composition, around 55 per cent of these listings are located in the Central sub-region whilst the remaining 45 per cent are located in the Outer sub-regions. 7,000 6,000 5,000 4,000 3,000 2,000 1,000 PERTH SUB-REGIONAL RENTAL LISTINGS - Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Central Sub-Region North West Sub-Region North East Sub-Region South East Sub-Region South West Sub-Region Rent analysis by bedroom numbers Source: reiwa.com INNER MARKETS RENTAL LISTINGS Source: reiwa.com 900 800 700 600 500 400 300 200 100 - Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Fremantle Perth City South Perth/Victoria Park Vincent/Stirling SE Western Suburbs The table and graphics illustrate the quarterly and annual change in rental listings grouped into the various sub-regions of the Perth metro region. The annual increase in rental listings was strongest in the South East sub-region lifting 47 per cent, followed by the South West sub-region at 45%. The overall trend is consistent with what has been noted in the past where in general terms, a consistent upward trend in listings can be seen across most areas. House Rents Sept Quarter 2016 1-2 Beds 3 Beds 4 Beds 5+ Beds Total Upper Quartile $360 $410 $495 $795 $450 Median Rent $300 $360 $420 $580 $380 Lower Quartile $275 $320 $370 $475 $330 Unit Rents Sept Quarter 2016 1 Beds 2 Beds 3 Beds 4 Beds 5+ Beds Total Upper Quartile $315 $375 $410 $495 $795 $450 Median Rent $275 $315 $360 $420 $580 $380 Lower Quartile $223 $280 $320 $370 $475 $330 SEPTEMBER QUARTER 2016 MARKET UPDATE 33

Dwelling Overview WA REIWA MARKET UPDATE SALES OF ESTABLISHED RESIDENTIAL DWELLINGS BY MAJOR REGIONAL CENTRES SEPTEMBER QUARTER 2016 ANNUAL RESULTS QUARTERLY RESULTS Year to Sept 2015 Year to Sept 2016 Sept Qtr 2015 Mar Qtr 2016 Jun Qtr 2016 Sept Qtr 2016 Perth Metropolitan HOUSES 26,787 21,729 6,194 6,033 5,901 3,989 Inner Metro 2,749 2,519 596 650 724 438 Middle Metro 7,699 6,316 1,728 1,727 1,705 1,160 Outer Metro 16,339 12,894 3,870 3,656 3,472 2,391 MULTI-RESIDENTIAL 5,923 4,570 1,298 1,220 1,203 881 Inner Metro 2,494 1,996 558 512 518 411 Middle Metro 2,273 1,745 506 487 485 322 Outer Metro 1,156 829 234 221 200 148 Total Dwellings 32,710 26,299 7,492 7,253 7,104 4,870 DWELLING SALES OVERVIEW Regional WA (House ) Albany Urban Area 476 423 111 124 111 72 Broome Urban Area 135 107 38 30 23 23 Bunbury Greater 1,116 912 262 269 241 166 Busselton Urban Area 486 385 100 110 101 77 Carnarvon Urban Area 28 29 6 5 10 7 Esperance Urban Area 133 118 29 28 42 20 Geraldton/Greenough 423 352 99 104 103 58 Kalgoorlie/Boulder 361 311 84 78 76 62 Karratha Urban Area 152 206 39 37 59 46 Mandurah/Murray 1,927 1,514 414 480 368 266 Northam 120 75 28 21 18 19 Port Hedland 100 137 28 28 43 40 Z Balance of Regional WA 2,300 2,037 549 584 521 361 Regional WA (House ) 7,757 6,606 1,787 1,898 1,716 1,217 Regional WA (Unit ) 803 629 166 173 169 130 WA TOTAL 41,270 33,534 9,445 9,324 8,989 6,217 1 Houses include all detached dwellings & duplexes on lots less than 1 Ha. 2 Units/apartments include all other dwellings with common walls. 3 Regional centres are urban areas generally or local government authorities (LGA) where indicated 4. Latest quarter data is based on a 65-70% sample & will be updated in subsequent Market Updates MEDIAN PRICE OF ESTABLISHED RESIDENTIAL DWELLING SALES SEPTEMBER QUARTER 2016 Sept Qtr 2006 Sept Qtr 2011 Sept Qtr 2015 Jun Qtr 2016 Sept Qtr 2016 10 years ago 5 years ago 1 Year ago 3 months ago current Perth Metropolitan HOUSES 440,000 $465,000 $532,000 $532,000 510,000 Inner Metro $800,000 $855,000 $961,625 $1,000,000 $867,500 Middle Metro $485,000 $521,000 $622,000 $617,000 $580,000 Outer Metro $405,000 $419,000 $478,000 $470,000 $455,000 MULTI-RESIDENTIAL 362,000 $409,250 $430,000 $410,000 425,000 Inner Metro $430,000 $490,000 $520,000 $494,000 $520,000 Middle Metro $335,000 $360,000 $410,000 $400,000 $410,000 Outer Metro $314,000 $349,000 $349,500 $341,500 $338,000 Regional WA (Houses Only) Albany Urban Area $402,500 $375,000 $396,000 $350,000 $373,500 Broome Urban Area $547,500 $680,000 $550,000 $475,000 $565,000 Bunbury Greater $397,000 $362,500 $384,250 $365,000 $360,000 Busselton Urban Area $455,000 $400,000 $443,500 $440,000 $425,000 Carnarvon Urban Area $267,000 $312,000 $298,750 $295,000 $380,000 Esperance Urban Area $325,000 $380,000 $325,000 $350,000 $304,500 Geraldton/Greenough $310,000 $382,400 $365,000 $300,000 $318,000 Kalgoorlie/Boulder $230,000 $315,000 $307,500 $332,500 $322,500 Karratha Urban Area $475,000 $797,000 $385,000 $315,000 $254,000 Mandurah/Murray $439,000 $370,000 $410,000 $390,000 $382,000 Northam $243,000 $250,000 $235,000 $215,000 $208,000 Port Hedland $360,000 $799,500 $663,114 $305,000 $305,000 Z Balance of Regional WA $204,000 $290,000 $280,000 $299,000 $250,000 Regional WA $326,500 $370,000 $375,000 $350,000 $348,000 Total WA $400,000 $438,000 $485,000 $477,000 $460,000 Upper Quartile $525,000 $580,000 $640,000 $646,000 $615,000 Lower Quartile $320,000 $350,000 $387,000 $370,000 $365,000 NOTE: New Inner, Middle and Outer classification used are based on State Department of Planning Metro sub regions. 34 MARKET UPDATE SEPTEMBER QUARTER 2016

REIWA MARKET UPDATE Land Overview WA SALES OF RESIDENTIAL BLOCKS OF LAND IN WA BY MAJOR REGIONAL CENTRES 1 SEPTEMBER QUARTER 2016 Perth Metropolitan ANNUAL RESULTS QUARTERLY RESULTS 2 Year to Sept 2015 Year to Sept 2016 Sept Qtr 2015 Mar Qtr 2016 Jun Qtr 2016 Sept Qtr 2016 Perth Total 9,872 5,835 2,168 1,777 1,675 616 Inner Metro 320 264 67 64 85 40 Middle Metro 765 664 198 180 187 106 Outer Metro 8,787 4,907 1,903 1,533 1,403 470 Regional WA Albany Urban Area 199 155 31 54 41 15 Broome Urban Area 50 44 17 14 7 3 Bunbury Greater 421 241 82 77 59 36 Busselton Urban Area 228 132 59 30 43 12 Carnarvon Urban Area 5 3 1 Esperance Urban Area 41 24 10 7 7 4 Geraldton/Greenough 193 73 43 18 22 9 Kalgoorlie/Boulder 47 19 14 6 6 1 Karratha Urban Area 3 4 1 1 2 Mandurah/Murray 1,125 700 255 198 202 84 Northam 23 19 6 4 2 6 Port Hedland 9 1 1 Z Balance of Regional WA 1,015 730 241 198 191 110 Regional WA 3,359 2,145 759 607 581 283 Total WA 13,231 7,980 2,927 2,384 2,256 899 1. Includes sales of new estate land and resales of existing lots less than 1 Ha. 2. Data is settled sales at time of data compilation & is approximately 50% of likely total for latest quarter. Data is subject to revision & it may take up to 12 months for all sales to settle MEDIAN PRICES OF WA RESIDENTIAL LAND SALES BY SECTOR SEPTEMBER QUARTER 2016 Perth Metropolitan Sept Qtr 2006 Sept Qtr 2011 Sept Qtr 2015 Jun Qtr 2016 Sept Qtr 2016 10 years ago 5 years ago 1 Year ago 3 months ago current Perth Total $249,500 $240,500 $260,500 $259,500 $295,000 Inner Metro $670,000 $499,900 $628,000 $645,500 $690,000 Middle Metro $328,000 $363,000 $400,000 $390,000 $431,000 Outer Metro $240,000 $230,000 $252,000 $245,000 $269,995 Regional WA Albany Urban Area $220,000 $155,000 $160,000 $160,000 $175,000 Broome Urban Area $212,000 $237,000 $225,000 $210,000 $220,000 Bunbury Greater $180,000 $170,875 $188,250 $183,900 $182,000 Busselton Urban Area $188,500 $160,000 $210,000 $215,000 $250,000 Carnarvon Urban Area $130,000 $131,000 $285,000 Esperance Urban Area $135,000 $148,750 $172,500 $145,000 $169,000 Geraldton/Greenough $150,000 $150,000 $118,000 $115,000 $120,000 Kalgoorlie/Boulder $120,000 $195,000 $127,000 $150,000 $40,000 Karratha Urban Area $142,000 $214,000 $1,210,000 $159,000 Mandurah/Murray $232,000 $168,000 $189,000 $191,500 $207,500 Northam $119,500 $91,000 $61,000 $102,500 $58,000 Port Hedland $182,500 $397,270 $330,000 Z Balance of Regional WA $157,000 $140,000 $135,000 $145,000 $127,000 Regional WA $180,000 $169,000 $170,000 $178,000 $170,000 Total WA $220,000 $225,000 $240,000 $240,000 $260,000 Upper Quartile $283,000 $295,000 $320,000 $320,000 $365,000 Lower Quartile $172,000 $175,000 $191,000 $190,000 $189,000 LAND SALES OVERVIEW NOTE: New Inner, Middle and Outer classification used are based on State Department of Planning Metro sub regions. SEPTEMBER QUARTER 2016 MARKET UPDATE 35

REGIONAL WA General Commentary Preliminary data indicates house sales decreased by approximately 33 per cent for Regional WA during the September 2016 quarter. Similarly, units and land recorded a similar decline in sales by 23 per cent and 51 per cent respectively. There has been volatility in the sales trends across regional centres. The preliminary overall median for houses in Regional WA decreased marginally by 0.6 per cent to $348,000 during the September quarter. The median price for units and land also recorded a decrease of 8.8 per cent and 4.5 per cent respectively over the September quarter. However, it is important to note that residential sales, in particular land sales can take between 3 months to 12 months to settle and that the most recent figures provided for the September 2016 quarter may still increase in the future. Mandurah Murray The Mandurah-Murray market recorded a decrease of two per cent in the median house price to $382,000 over the September 2016 quarter. Preliminary sales volume for houses are 28 per cent lower to those experienced in the previous quarter. Average selling days increased by three days quarterly and seven days annually. Stock of listings in the region decreased by 0.9 per cent over the quarter. The overall median rent has eased back 4.5 per cent to $320 and rental listings are also down by 8.2 per cent over the quarter. South West Centres The Bunbury market recorded a decrease of 1.4 per cent in the median house price to $360,000 over the September 2016 quarter. Preliminary sales volume for houses are 31 per cent lower to those experienced in the previous quarter. Average selling days increased by 12 days quarterly and up by 14 days annually. Stock of listings in the region decreased by 3.5 per cent over the quarter. The overall median rent has increased by three per cent to $340 whilst rental listings are down by 4.7 per cent over the quarter. The Busselton market recorded a decrease of 3.4 per cent in the median house price to $425,000 over the September 2016 quarter. Preliminary sales volume for houses are down by 24 per cent over the quarter. Average selling days decreased by nine days quarterly but up 14 days annually. Stock of listings in the region increased by 5.6 per cent over the quarter. The overall median rent has remained unchanged over the quarter at $380 whilst rental listings are up by 10.4 per cent over the quarter. South Coastal Centres The Albany market recorded an increase of 6.7 per cent in the median house price to $373,500 over the September 2016 quarter. Preliminary sales volume are 35 per cent lower to those experienced in the previous quarter. Average selling days decreased by 15 days quarterly and down six days annually. Stock of listings in the region decreased by 13.3 per cent over the quarter. The overall median rent has increased by 2.2 per cent to $345 whilst rental listings are down by 5.7 per cent over the quarter. The Esperance market recorded a decrease of 13 per cent in the median house price to $304,500 over the September 2016 quarter. Preliminary sales volume for houses are 52 per cent lower to those experienced in the previous quarter. Average selling days increased by 35 days quarterly and up 77 days annually. Stock of listings in the region increased by 9.1 per cent for the quarter. The overall median rent has eased back 3.2 per cent to $300 and rental listings are down by 1.9 per cent over the quarter. Kalgoorlie-Boulder and Geraldton-Greenough The Kalgoorlie-Boulder market recorded a decrease of three per cent in the median house price to $322,500 over the September 2016 quarter. Preliminary sales volume for houses are 18 per cent lower to those experienced in the previous quarter. Average selling days increased by 25 days quarterly and up by six days annually. Stock of listings in the region decreased by 15.4 per cent for the quarter. The overall median rent has decreased by 7.1 per cent to $325 and rental listings are down by 8.9 per cent over the quarter. Real Estate Report REGIONAL WA The Geraldton market recorded an increase of six per cent in the median house price to $318,000 over the September 2016 quarter. Preliminary sales volume for houses are 44 per cent lower to those experienced in the previous quarter. Average selling days increased by 28 days quarterly and up by 19 days annually. Stock of listings in the region decreased by 9.9 per cent for the quarter. The overall median rent has decreased by 1.8 per cent to $280 and rental listings are down by 7.1 per cent over the quarter. Pilbara and Kimberley The Port-Hedland market recorded an unchanged value in the median house price at $305,000 over the September 2016 quarter. Preliminary sales volume for houses are seven per cent lower than those experienced in the previous quarter. Average selling days decreased by nine days quarterly and down by eight days annually. Stock of listings in the region increased by 10.1 per cent for the quarter. The overall median rent has decreased by 6.3 per cent to $375 and rental listings are also down by 13.2 per cent over the quarter. The Broome market recorded an increase of 18.9 per cent in the median house price to $565,000 over the September 2016 quarter. Preliminary sales volume for houses are at similar levels to those experienced in the previous quarter. Average selling days increased by 10 days quarterly but down by three days annually. Stock of listings in the region increased by 12.1 per cent for the quarter. The overall median rent has remained stable at $450 whilst rental listings are up by 22.6 per cent over the quarter. REGIONAL RENTAL MARKET SEPTEMBER QUARTER 2016 Median Rent Qtly/ Listings Qtly/ Albany Urban Area $345 (2.2% / -1.4%) 66 (-5.7% / -9.6%) Broome Urban Area $450 (0.0% / -10.0%) 152 (22.6% / 18.8%) Bunbury Greater $340 (3.0% / -5.6%) 362 (-4.7% / 27.9%) Busselton Urban Area $380 (0.0% / -5.0%) 106 (10.4% / 43.2%) Esperance Urban Area $300 (-3.2% / -4.8%) 52 (-1.9% / 188.9%) Geraldton/Greenough $280 (-1.8% / -12.5%) 286 (-7.1% / 6.7%) Kalgoorlie/Boulder $325 (-7.1% / -7.1%) 247 (-8.9% / 20.5%) Karratha Urban Area $400 (-3.6% / -20.0%) 186 (-30.1% / -40.4%) Mandurah/Murray $320 (-4.5% / -11.1%) 647 (-8.2% / 28.9%) Northam $300 (5.3% / 0.0%) 39 (-30.4% / 5.4%) Port Hedland $375 (-6.3% / -31.8%) 330 (-13.2% / -12.5%) STOCK LEVELS & SELLING DAYS JSEPTEMBER QUARTER 2016 Listings (lots) Qtly / Ave Selling Days (p) Albany Urban Area 560 (260) (-13.3% / -27.9%) 111 (-15 / -6) Broome Urban Area 232 (88) (12.1% / -12.1%) 104 (10 / -3) Bunbury Greater 925 (166) (-3.5% / -16.5%) 119 (12 / 14) Busselton Urban Area 361 (124) (5.6% / -12.6%) 91 (-9 / 14) Esperance Urban Area 371 (165) (9.1% / -4.9%) 156 (35 / 77) Geraldton/Greenough 703 (261) (-9.9% / -13.7%) 129 (28 / 19) Kalgoorlie/Boulder 347 (57) (-15.4% / -23.2%) 105 (25 / 6) Karratha Urban Area 152 (8) (-6.7% / 21.6%) 77 (-11 / 11) Mandurah/Murray 1,701 (486) (-0.9% / -7.5%) 97 (3 / 7) Northam 156 (49) (-9.3% / -42.4%) 132 (11 / 6) Port Hedland 273 (12) (10.1% / -5.9%) 91 (-9 / -8) Median Year to June 2016 REGIONAL MEDIAN & LONG TERM HOUSE PRICE GROWTH RATES Average Growth Rate Year to June 2016 5 Years 10 Years 15 Years Perth Metro Region $530,000 2.0% 3.2% 8.1% Albany Urban Area $377,000-0.1% 1.0% 6.3% Broome Urban Area $500,000-5.1% 1.3% 5.2% Bunbury Greater $374,000 0.3% 0.7% 7.0% Busselton Urban Area $450,000 1.6% 0.9% 7.2% Carnarvon Urban Area $315,000-0.3% 3.7% 8.3% Esperance Urban Area $350,000-1.5% 1.7% 5.9% Geraldton/Greenough $326,750-3.1% 2.5% 7.3% Kalgoorlie/Boulder $320,000-0.6% 4.8% 6.2% Karratha Urban Area $330,000-15.9% -2.9% 3.4% Mandurah/Murray $390,000 0.3% 0.2% 7.6% Northam $230,000-3.2% 2.9% 8.5% Port Hedland $360,000-14.2% 2.1% 7.0% Balance of Regional WA $292,000-1.2% 4.9% 8.5% Regional WA $365,000-0.5% 2.2% 7.4% 36 MARKET UPDATE SEPTEMBER QUARTER 2016

REGIONAL WA Real Estate Report REGIONAL WA SEPTEMBER QUARTER 2016 MARKET UPDATE 37

Real Estate Report REGIONAL WA RESIDENTIAL REAL ESTATE SALES BY PRICE RANGE JUNE QUARTER 2016 REGIONAL WA HOUSE Year to September 2015 Year to September 2016 June Qtr 2016 September Qtr 2016 % of total sales % of total sales % of total sales % of total sales Up to $150,000 480 5.2% 495 6.0% 140 7.6% 134 10.2% $150 - $200,000 370 4.0% 374 4.5% 112 6.1% 72 5.5% $200 - $250,000 513 5.6% 439 5.3% 170 9.3% 111 8.5% $250 - $300,000 920 10.0% 754 9.1% 182 9.9% 164 12.5% $300 - $350,000 1219 13.3% 1108 13.3% 271 14.8% 162 12.4% $350 - $400,000 1379 15.0% 1279 15.4% 248 13.5% 200 15.3% $400 - $450,000 1171 12.8% 1071 12.9% 191 10.4% 139 10.6% $450 - $500,000 827 9.0% 689 8.3% 135 7.4% 95 7.3% $500 - $600,000 995 10.8% 920 11.1% 166 9.1% 108 8.3% $600 - $800,000 866 9.4% 748 9.0% 145 7.9% 77 5.9% $800 - $1 million 261 2.8% 269 3.2% 36 2.0% 28 2.1% Over $1 million 182 2.0% 172 2.1% 35 1.9% 18 1.4% UNIT Up to $150,000 35 3.4% 32 3.9% 20 11.8% 20 15.3% $150 - $200,000 67 6.5% 57 7.0% 15 8.9% 12 9.2% $200 - $250,000 125 12.2% 76 9.4% 19 11.2% 22 16.8% $250 - $300,000 187 18.2% 165 20.3% 34 20.1% 30 22.9% $300 - $350,000 156 15.2% 120 14.8% 27 16.0% 12 9.2% $350 - $400,000 98 9.5% 77 9.5% 9 5.3% 8 6.1% $400 - $450,000 78 7.6% 76 9.4% 13 7.7% 7 5.3% $450 - $500,000 64 6.2% 50 6.2% 6 3.6% 5 3.8% $500 - $600,000 84 8.2% 56 6.9% 8 4.7% 6 4.6% $600 - $800,000 89 8.7% 64 7.9% 11 6.5% 4 3.1% $800 - $1 million 32 3.1% 19 2.3% 4 2.4% 1 0.8% Over $1 million 13 1.3% 19 2.3% 3 1.8% 4 3.1% VACANT LAND Up to $100,000 373 8.3% 423 12.5% 81 13.7% 65 22.4% $100 - $125,000 357 7.9% 232 6.8% 48 8.1% 25 8.6% $125 - $150,000 636 14.2% 480 14.1% 77 13.0% 36 12.4% $150 - $175,000 950 21.1% 533 15.7% 78 13.2% 26 9.0% $175 - $200,000 697 15.5% 459 13.5% 89 15.0% 30 10.3% $200 - $225,000 338 7.5% 325 9.6% 54 9.1% 20 6.9% $225 - $250,000 231 5.1% 206 6.1% 37 6.3% 11 3.8% $250 - $300,000 370 8.2% 247 7.3% 41 6.9% 22 7.6% $300 - $400,000 309 6.9% 292 8.6% 42 7.1% 29 10.0% $400 - $500,000 120 2.7% 106 3.1% 22 3.7% 13 4.5% $500 - $750,000 71 1.6% 59 1.7% 16 2.7% 10 3.4% $750 - $1 million 28 0.6% 15 0.4% 3 0.5% 2 0.7% Over $1 million 14 0.3% 18 0.5% 4 0.7% 1 0.3% REGIONAL WA 38 MARKET UPDATE SEPTEMBER QUARTER 2016

REGIONAL WA Real Estate Report The Regional Report presents data for regional centres and their suburbs and all other communities across Regional Western Australia in a series of discrete regional areas that generally align with Australian Bureau of Statistics and Regional Development Commission typology. Where appropriate, sub-regions are used to group towns in adjoining shires and market areas. REGION Regional Centre Sub-Region PEEL Mandurah-Murray Balance of Region SOUTH WEST Bunbury Urban Area Preston Busselton Urban Area Balance of Shire Augusta-Margaret River Blackwood GREAT SOUTHERN Albany Urban Area Balance of Region GOLDFIELDS-ESPERANCE Kalgoorlie-Boulder Balance of Region Esperance Urban Area WHEATBELT Avon Arc Coastal Wheatbelt Balance of Region MIDWEST Geraldton-Greenough Balance of Region GASCOYNE Carnarvon Balance of Region PILBARA Karratha Urban Area Balance of Region Port Hedland Urban Area KIMBERLEY Broome Urban Area Balance of Region CHRISTMAS ISLAND Town/Suburb Average % - Year to September 2016 Houses Units Land 2011 2015 2016 1 year 5 years Gascoyne 75 8 18 $405,000 $375,000 $385,000 2.7% -1.0% Balance of Gascoyne 46 1 15 $452,500 $445,000 $420,000-5.6% -1.5% Denham 15 3 $270,000 $220,000 $225,000 2.3% -3.6% Exmouth 31 1 12 $510,000 $490,000 $460,000-6.1% -2.0% Carnarvon 29 7 3 $320,000 $345,000 $315,000-8.7% -0.3% Brockman 7 1 $500,000 $466,500 $349,000-25.2% -6.9% Brown Range 2 $430,000 $415,000 n.a. -0.7% Carnarvon 4 $552,500 $395,000 n.a. n.a. East Carnarvon 6 2 $348,500 $370,000 $372,500 0.7% 1.3% Kingsford 2 $507,000 $300,000 $725,000 141.7% 7.4% Morgantown 5 1 2 $332,500 $293,750 $215,000-26.8% -8.4% South Carnarvon 7 $270,000 $260,000 $260,000 0.0% -0.8% Goldfields-Esperance 518 41 49 $311,000 $320,000 $297,500-7.0% -0.9% Balance of Goldfields-Esp 89 2 6 $130,000 $116,000 $87,000-25.0% -7.7% Condingup 2 $210,000 $160,000-23.8% n.a. Coolgardie 10 1 $126,500 $185,500 $136,000-26.7% 1.5% Gibson 2 $271,250 $270,000 $304,500 12.8% 2.3% Grass Patch 1 $38,000 $20,000 $25,000 25.0% -8.0% Hopetoun 8 1 $305,000 $214,000 $260,000 21.5% -3.1% Kambalda East 13 $96,500 $100,000 $73,000-27.0% -5.4% Kambalda West 22 $135,000 $140,000 $95,000-32.1% -6.8% Laverton 2 1 $97,000 $87,500 $88,500 1.1% -1.8% Leonora 4 1 $205,000 $113,000 $90,000-20.4% -15.2% Menzies 3 2 $30,000 $45,000 50.0% n.a. Munglinup 1 $175,000 $10,000 $180,000 1700.0% 0.6% Norseman 16 1 $55,000 $35,000 $33,000-5.7% -9.7% Ravensthorpe 4 $105,000 $150,750 $130,250-13.6% 4.4% Salmon Gums 1 1 $40,000 $80,000 $175,000 118.8% 34.3% Esperance 118 10 24 $377,500 $368,000 $350,000-4.9% -1.5% Bandy Creek 1 1 2 $615,000 $645,000 $565,000-12.4% -1.7% Castletown 44 1 13 $380,000 $370,000 $370,000 0.0% -0.5% REGIONAL WA Includes all towns/localities recording activity in the Year to June, irrespective of no sales activity in June Quarter 2016. Includes only house & land sales on lots < 1 Ha. REIWA - For the exclusive use of REIWA Members. Unauthorised distribution, reproduction or sale of the data will breach REIWA s copyright. SEPTEMBER QUARTER 2016 MARKET UPDATE 39