Perth endured its 15th consecutive month of lower median house prices, setting a new record, recently released figures show.
"It's unusual it's gone on this long," REIWA president Alan Bourke told WAToday.com.au, adding it was the longest fall he had witnessed in his 30 years in the business.
The latest figures, which reveal house prices fell two per cent in the June quarter, were likely to be followed by further declines in the September quarter, he said.
Mr Bourke said once sales were finalised, the median price would settle at around $475,000 for the June quarter.
Houses worth between $350,000 and $500,000 were still selling, he said, as were houses worth more than $1 million. All other price ranges were sluggish, and he attributed the overall slowdown to “impatient and unrealistic buyers.”
"The average number of selling days has increased to 82, the highest level since the boom of 2004-07, when it fell to a low of 36 days in mid-2006,” he added.
“Buyers must be patient and realistic about price."