• Perth median house price holds up in June


    Perth’s median house price is holding up, with new reiwa.com data showing it had only experienced a slight 0.6 per cent softening in the three months to June, coming in at $517,000.

    REIWA Deputy President Damian Collins said although there had been a minor decline to the median house price in the three months to June, the rate of decline had begun to slow which was positive.

    “We’ve also seen steady discounting levels over the last six months, with the percentage of sellers who have had to reduce their asking price holding at around 54 per cent. Additionally, the amount those that have had to discount by has levelled off at approximately 6.5 per cent, which is likely had a positive effect on the median house price.

    “It also shows us that as a whole, sellers’ and buyers’ pricing expectations are moving towards parity, with less variance seen between the two parties, which is pleasing,” Mr Collins said.

    Sub-regional analysis

    reiwa.com analysis shows the South East was the only sub-region to buck the trend of decline in the three months to June, recording a marginal 0.2 per cent increase in median house price.

    “At a sub-market level, reiwa.com data shows a mixed bag of results, with a number of areas recording positive median house price growth.

    “Among the top performers were Wanneroo South in the North West sub-region (up five per cent), the Western Suburbs in the Central sub-region (up 4.7 per cent) and Armadale and Serpentine-Jarrahdale in the South East sub-region (up 3.7 and 3.6 per cent respectively),” Mr Collins said.

    Listings for sale

    reiwa.com data for June shows listings for sale in Perth declined by four per cent over the month and had dropped by one per cent when compared to the same time last year.

    “Listings appear to have stabilised and are on the decline, with all indicators showing improvements. Although stock levels are still notably higher than the long term average, we do appear to have hit the ceiling of available stock which is welcome news for the Perth market,” Mr Collins said.

    June 2017 market update

    For a quick snapshot of how the market performed in June, view our latest market update video.