Drop in Perth median house price

Drop in Perth median house price

Posted on Wednesday, October 02 2013 at 3:52 PM

Perth’s median house price has continued to drop with figures from the September quarter showing a 2.8 per cent decline, according to the Real Estate Institute of Western Australia (REIWA).

Real time sales
data revealed the median price for September was $508,000, down from the June
quarter median of $522,500.

REIWA president
David Airey says the declining median could be explained by the increased
activity from first homebuyers purchasing property at the more affordable end
of the market, but he expected this to turn around in December.

The number of
properties listed for sale in September was down six per cent on August and 16
per cent on last year, according to the REIWA.

In addition, the
rental market showed a drop in median rent from $475 per week in the June
quarter to $470.

This reduction
was a result of a rise in vacancy rates, according to Airey.

“Around 65 per
cent of vacant rental properties are broadly within a 10-kilometre radius of
the CBD and this central sub-region witnessed a decrease in listings during the
September quarter,” Airey says. 

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