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House, rental prices fall in Perth says the Real Estate Institute of Western Australia

Oct 2, 2013 | Property Market

THE average house price in Perth fell by about $14,000 in the September quarter, and rental prices have also eased, the Real Estate Institute of Western Australia says. REIWA says the metropolitan median house price for September decreased by 2.8 per cent to about $508,000, down from the revised June quarter median of $522,500.

President David Airey said the data was unsurprising given strong first home buyer activity at the more affordable end of the market was pulling down the average. But with first home buyer activity starting to slow, he expected prices to rise again in the December quarter.

REIWA reported 2001 property sales in the month of September, up 13 per cent on the same time last year but down four per cent since August, Mr Airey said. Perth’s southeastern suburbs were the only areas with significant sales movement, he said, with more affordable homes in Gosnells and Armadale attracting buyers.

There were 8693 properties listed in September, down six per cent on August and 16 per cent on last year. Mr Airey said REIWA data also showed the rental system was cooling with median rents dropping by about one per cent to $470 a week, while the vacancy rate was a normal 3.1 per cent. It costs about $475 for a house – down $5 on the June quarter – and $450 for a flat, unit, apartment or villa – down $10.

Source: http://www.theaustralian.com.au/news/house-rental-prices-fall-in-perth-says-the-real-estate-institute-of-western-australia

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