Perth's median house price falls in June quarter: REIWA

Perth's median house price fell 3.6% in the June quarter, the largest median house price fall since the September 2013 quarter.

David Airey, president of the REIWA said the median price units and apartments also fell and the soft market he had forewarned for 2015 had arrived.

“The metropolitan median house price dropped from $550,000 to $530,000, and units, apartments, villas and townhouses saw their median price drop from $440,000 to $420,000," Mr Airey said. 

“It was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price in the country dipping by around $4,500 to $325,000.

Mr Airey said there is a market correction underway in WA and many sellers are having to discount to find a buyer, however some of this fall can be attributed to the composition of sales, with a greater turnover of more affordable properties pulling the median downwards.

“Across the metropolitan area, almost 60% of sellers reduced their asking price to seal the deal, and where that happened a discount of around 6% was the average reduction," MR Airey said.

“There were 10,200 sales in the June quarter, down by 900 in the previous quarter, but more significantly, down 21.5% in turnover from the same time last year."

At the end of the quarter rental property vacancy increased 23% from the March quarter to 8,128 properties - 40% more than the corresponding period in 2014.

Metropolitan median rent dropped $10 to $420 per week, with overall median rent falling by $55 over the last two years.

The Office of State Revenue took 4,820 First Home Owners Grant applications, down 21% from the same period last year.