Perth’s price slump confirmed

House prices in Perth have dropped further since the end of June, according to data from the Real Estate Institute of Western Australia (REIWA).

REIWA’s statistics for the three months to July show Perth’s median house price down a further 0.2 per cent to around $540,000.

REIWA president David Airey attributed the softening of the Perth market to weaker activity in the central part of the metropolitan area where prices are generally higher.

“Our analysis suggests Perth’s median price for the three months to July looks to have fallen 1.8 per cent from the market peak in the three months to April,” he said.

The data also showed a further drop in sales, with July figures for the Perth region down 10 per cent since June. Stock listings also took a hit, down around four per cent since April and removing almost 500 properties since June.

“Listings fell right across all sub-regions of Perth, but the south east region through Armadale and Gosnells saw the strongest drop, with listings falling 11 per cent and removing 167 properties from the market,” Mr Airey said.

Perth’s rental market has remained steady during the three months to June, with the median rent left unchanged at $450 per week.

REIWA’s data also revealed that the area’s rental listings had risen by four per cent to 6,032 dwellings in total.

Meanwhile, senior research analyst for RP Data Cameron Kusher said the best opportunity for investors to enter the Perth market has likely passed, so it will be interesting to see whether they start to turn their attention towards higher-yielding markets such as Brisbane and Adelaide.  

   

    

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