Perth’s housing market continues to experience downturn, but the percentage at which dwelling values were dropping had slowed from -1.46% in February to -0.4% in March and April, according to recent data from CoreLogic.
“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,” said Real Estate Institute of Western Australia (REIWA) President Damian Collins.
Overall dwelling prices were down in April, but data showed that 24% of suburbs across the metro area recorded an increase in median house sale price.
Gosnells was the top-performing suburb, with its median sale price climbing 3% during the month. Dudley Park, Scarborough, Marangaroo, and Canning Vale also posted improvements.
REIWA also reported that the volume of properties for sale on the market decreased by 3% 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,” 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.”
House and unit rent prices, meanwhile, were each up $10 per week compared to April 2018. The median weekly house rent has increased from $350 to $360 over the last year, while unit rents have
jumped from $320 to $330.
Perth’s overall median rent price continues to hold at $350 per week, but some suburbs (24%) recorded a price increase during the month.
There were 7,193 properties for rent on reiwa.com at the end of April. While rental listings are down by 20% compared to April 2018, they have climbed 7% during the month.