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Perth’s housing market decline appears to be slowing, with CoreLogic’s latest home value index showing the rate of decline for dwelling values in Perth has held at -0.4 per cent for a second consecutive month.
REIWA President Damian Collins said while prices remained soft, the percentage at which dwelling values were dropping had slowed from -1.46 per in February 2019 to -0.4 per cent in March and April.
“March and April have recorded the lowest level of declines since June 2018, which is an encouraging sign in a challenging market. While we don’t expect to see any notable price increases in the immediate future, price values look like they are starting to stabilise,” Mr Collins said.
Despite overall dwelling prices being down during the month, reiwa.com sales data shows 25 per cent of
suburbs across the metro area recorded an increase in median house sale price in April.
“Gosnells was the top performing suburb in April, with its median sale price increasing 3.4 per cent during the month. Other suburbs to record an improvement were Dudley Park, Scarborough, Marangaroo and Canning Vale,” Mr Collins said.
reiwa.com data also shows the volume of properties for sale on the market reduced three per cent during the month.
“While these latest figures indicate we might be seeing the signs of a recovery on the horizon, our local market is still fragile. With the federal election looming, REIWA remains concerned that any changes to national tax policies, like negative gearing and capital gains tax, will further stifle any green shoots of improvement that may be starting to emerge,” Mr Collins said.
“We need our state and federal governments to do everything they can to support the recovery of the WA property market - not hinder it.”