Perth house prices, rents, down in September: REIWA

Perth's median house price fell by 2.7% or $15,000 in the September quarter when compared to June, according to the Real Estate Institute of Western Australia.

The median house price is now $535,000.

Sales turnover was down 14% when compared to the previous quarter.

REIWA Deputy President Hayden Groves said the adjustment in price of 2.7% was quite modest given the high number of properties on the market. 

“Currently we have almost 15,000 listings on the Perth market, which is up by about 3,000 on what we would consider normal,” Mr Groves said. 

"Listings for sale were up by 9% in the quarter and up by 44% on the same time last year. The biggest growth in listings over the last three months was found in the north-east sub region which includes the Shires of Kalamunda and Mundaring, along with the City of Swan. This region saw a further 305 properties added to the sales market, bringing it to a total of 1,952 listings at quarter’s end.

"Top selling suburbs overall included Butler, Ellenbrook, Bayswater, Baldivis and Canning Vale, largely reflecting first home buyer activity. Only a handful of areas saw an increase in turnover for the quarter, but these included Fremantle, Gosnells, Cockburn and Armadale."

In the rental market the vacancy rate has lifted slightly to 5.4 per cent for the three months to August, with some 8,311 rental properties on the market.