After reaching a $500,000 high in June, Perth property prices are now on a downward slide, according to the Real Estate Institute of Western Australia.
As per the REIWA’s data analysis, Perth median prices dropped 4 per cent to $480,000 over the last quarter.
REIWA president Alan Bourke said the drop in median property prices could be attributed to the large number of properties currently on the market.
“The number of properties on the market has steadily increased over the last year and has now reached 16,000 – the highest level since December 2008,” Mr Bourke said.
“As a consequence, the number of sellers prepared to drop their asking price has increased from 60 to 67 per cent, with the average discount now being 6 per cent off the advertised price,” Mr Bourke said.