Perth’s median house price is showing great resilience, with new data from the Real Estate Institute of Western Australia (REIWA) indicating that the city’s median house price had only experienced a slight 0.6% softening in the three months to June, coming in at $517,000.
Although there was a minor decline in Perth’s median house price in the three months to June, the rate of decline has begun to slow, according to Damian Collins, deputy president of REIWA.
“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, [this] likely had a positive effect on the median house price,” Collins said. “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.”
REIWA’s analysis indicates that the South East was the only sub-region to buck the trend of decline in over the same period, recording a 0.2% 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,” Collins said.
Among the top performers were Wanneroo South in the North West sub-region (up 5%), the Western Suburbs in the Central sub-region (up 4.7%), and Armadale and Serpentine-Jarrahdale in the South East sub-region (up 3.7% and 3.6%, respectively).”
Meanwhile, listings for sale in Perth declined by 4% over the month, and had dropped by 1% when compared to the same period last year.
“Listings appear to have stabilised and are on the decline, with all indicators showing improvements,” Collins said. “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.”
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