Perth house prices down 11% from their five year peak: Domain

Perth house prices are now 11% below the peak price they achieved five years ago, according to Domain's latest House Price Report.

However, despite the price falls, underlying demand is rising with the number of views per listing on Domain recording the largest lift of all the Australian capital cities.

Perth house prices were flat over the quarter but fell 3.3% over the year to $546,281.

Perth unit prices fell 3.1% over the quarter and 2.9% over the year to $351,818.

Domain Senior Research Analyst, Dr Nicola Powell said: "The early signs of Perth’s housing recovery appeared to have faded by the end of 2018. House and unit prices continue to moderate. House prices are now 11% below the peak price achieved almost five years ago.”

"It’s clear that the more restrictive flow of housing finance is hindering housing activity.”

“The foreign buyer surcharge on residential properties introduced in 2019 could also hinder Perth’s housing recovery, keeping overseas residents in rental accommodation rather than purchasing. A tighter rental market and improved population flows suggests the bottom of Perth's housing market is near. However, a true recovery would be dependent on increased credit availability.”