Perth prices take a hit
The Perth market softened over the month of May, with the median house price dipping despite an improvement in sales activity.
According to data from the Real Estate Institute of Western Australia (REIWA), the median price fell by 0.7 per cent in Perth to $548,000.
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“The evidence suggests that Perth peaked in the first quarter for the year but dipped in the three months to April and then a little further in the month of May,” REIWA president David Airey said.
Sales activity bounced back after a weak performance in April, rising by 18 per cent.
Nonetheless, transactions are down by five per cent on the same time last year.
Listing numbers are also rising compared to previous months, climbing 16 per cent in the three months to May.
“This is a reflection of a range of factors, but most notable is weak interest from investors and much slower activity from first home buyers. Together this is adding to stock,” Mr Airey said.
The rental market seems to have levelled out after sharp declines earlier in the year, with the vacancy rate remaining around four per cent.
“There are now almost 5,400 rental homes across the metropolitan area available for lease and typically these rent for $440 per week for a unit or villa and closer to $460 per week for a house,” Mr Airey said.
