The median house price in Perth continued to fall through the September quarter, while rents went up for the second time this year, according to the Real Estate Institute of Western Australia.
Early REIWA figures show Perth’s median house price fell from $480,000 to $450,000 between June and September, while the number of properties on the market dropped by 14%, largely from sellers withdrawing from the market.
The median price for units, apartments, villas and townhouses also fell in the quarter, according to REIWA preliminary data. The median price for a multi-residential dwelling in Perth is now $386,000, down from $405,000 in June.
REIWA President David Airey attributed the drop in median house prices to new activity from first home buyers.
“An estimated 28% of sales activity was from first home buyers, most of whom purchase under $450,000. This is pulling the median downwards because of increased sales of more affordable homes, with the median house price for a first time buyer now sitting at $415,000,” he said.
Airey added that despite a large number of sellers withdrawing from the market and moving their properties to the rental system, the vacancy rate for rental housing had dropped below 3% for the first time since early 2009.
“Despite housing affordability having improved, many people are still opting to rent rather than buy and this is placing increased pressure on the rental market, pushing median rents up 4% to $395 a week.”
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