Sales turnover has dropped in Perth and the median house price declined, new data from the Real Estate Institute of Western Australia (REIWA) shows.
The number of metropolitan home sales dropped away by around six per cent in the September quarter, with 10 of its 13 weeks recording below average turnover.
“The sales of units and apartments remained steady across the board, but house sales dropped away,” REIWA president David Airey said.
He said the more affordable north east and south east corridor in metropolitan Peth were the only sub-regions to show an increase in sales activity.
Meanwhile, Perth’s median house price came down from $525,000 in June to $505,000 in September, although this is expected to lift to $510,000 when all settlements are finalised.
“Units, apartments and villas saw a very modest drop in median price across the state, dipping by $4,000 in both the city and the country to $421,000 and $306,000 respectively, but the broader theme from the quarter was the narrowing of the overall buying range,” Mr Airey said.
Around 75 per cent of the turnover occurred in the band of $350,000 to $800,000, he said.
For first home buyers, the median purchase price rose somewhat compared to last year, jumping from $400,000 to $435,000.
Listing stock dropped by one per cent from June to September, but remained 16 per cent above the September 2012 numbers.
Median rent for homes dropped by $5 to around $470 per week across the board in September, while rents for units and apartments dropped by $10 to a median of $450.