Perth house prices continue record slide

Perth house prices continue record slide

by 0 comments

Staff Reporter

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."

Staff Reporter

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."

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent's commitment to clientele built him a 25k-strong client base

In this episode of Secrets of the Top 100 Agents, host Tim Nearly talks to RT Edgar’s Glen Coutinho who ranked number six in this year’...

View all podcasts

How difficult is it to maintain a good work/ life balance?

Very – if I’m having balance my competitors are working
Not – I schedule the time into my calendar in advance
A little – It’s scheduled, but something always crops up
Work/ life balance – what’s that?
Do you have an industry update?