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Perth housing market softens

Perth housing market softens

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Staff Reporter

The latest Real Estate Institute of Western Australia (REIWA) market snapshot for the three months to July shows the Perth sales and rental markets have softened.

According to REIWA, there has been a one per cent fall in the June quarter median house price over the period from May to July. The current median house price now sits at around $520,000.

The City of Belmont grew by 30 per cent in that period, while the sub-region of Bayswater-Bassendean saw a 38 per cent drop in turnover. REIWA noted that these were small markets and there had been a general softening in sales since April.

Sales turnover for the month of July itself showed a five per cent fall across Perth, with 2,003 house transactions taking place.

Softer sales had been reported by REIWA members in several of the more expensive western suburbs markets, with the coastal areas of Stirling and the City of Vincent all contributing to the fall in the overall median.

There were 8,835 properties on the market, which was almost the same as the previous three months, but a drop from 11,397 in July last year.

There was a 26 per cent rise in the number of listings in the City of Perth, with similar rises of between 23 and 24 per cent in Belmont, Bayswater and Bassendean.

The southern part of the City of Wanneroo, including areas such as Marangaroo, Landsdale and Darch, saw the biggest drop in listings of 19 per cent.

In the rental system, there were currently 4,046 properties up for lease. While this reflected almost no change on the previous three months, it was a big jump from just 2,400 rental properties in August last year.

Median rents in Perth were stable at around $480 for a house and $455 for a unit, apartment or villa. 

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Perth housing market softens
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