Perth property prices still in decline: Residex

Perth property prices still in decline: Residex
Perth property prices still in decline: Residex

The national housing market has recorded a slight decline in median house and unit values over August 2016 according to the Residex median value index.

The falls in median values have been fairly broad-based across the country, but Perth was the weakest capital city in the month and quarter for houses.

Darwin was the weakest in the month and quarter for units.

 

The August figures are detailed in Table 1 below.

Click to enlarge

Table 1: August 2016 Median Value Index

 2016-09-20--market_update_residex

Source: onthehouse.com.au

Across the nation, median house values fell by 0.86 percent in August and unit values declined by a very similar 0.87 percent.

While most regions have recorded a decline in median values in August, it is quite a different picture over the past 12 months.

Median house values have increased over the 12 months to August 2016 in most regions of the country and are 6.58 percent higher nationally. In comparison, seven of the 16 regions published in Table 1 have recorded a fall in median unit value over the past year. Nationally, median unit values have increased by 2.91% which is less than half the rate of growth of in house values.

When we look at the median house and median unit data over time, it shows that house and unit values are now below their peak in all regions. The magnitude of these declines varies significantly on a region-by-region basis as well as across different property types.

(note that Residex median values are non-revisionary and are published monthly. The methodology used to calculate median values is different to Residex’s quarterly repeat sales index).

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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Property Prices

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