According to the latest Real Estate Institute of Western Australia (REIWA) figures, Perth’s median house price dropped 0.7 per cent to $548,000 in May.
But according to REIWA president David Airey, sales activity was significantly up.
“The evidence suggests Perth peaked in the first quarter for the year but dipped in the three months to April, and then a little further in the month of May,” Mr Airey said.
“The number of properties on the market is trending back strongly towards Perth’s long-term average, up by 16 per cent in the three months to May and putting 10,665 properties up for sale."
However, the number of sales transactions is still down five per cent on the same time last year.
For the month of May, early indications are that stronger sales activity was recorded in the north easterly region of Perth through the City of Swan and Shire of Kalamunda, while Gosnells in the south easterly region also performed well.
“This is a reflection of a range of factors, but most notable is weak interest from investors and much slower activity from first home buyers. Together this is adding to stock,” Mr Airey said.