New reiwa.com.au data shows that Perth’s median house price fell 2.7 per cent, or $15,000, to $535,000 in September, when compared to the June quarter.
REIWA Deputy President Hayden Groves said the adjustment in price of 2.7 per cent was quite modest given the high number of properties on the market.
“Currently we have almost 15,000 listings on the Perth market, which is up by about 3,000 on what we would consider normal,” Mr Groves said.
The reiwa.com preliminary analysis also found sales turnover was down by 14 per cent on the June quarter, while listings for sale were up nine per cent on the quarter and up 44 per cent on the same time last year.
The biggest growth in listings over the last three months was found in the north-east sub region, which includes the Shires of Kalamunda and Mundaring, along with the City of Swan.
This region saw a further 305 properties added to the sales market, bringing it to a total of 1,952 listings by the end of the quarter.
Perth’s top selling suburbs overall were Butler, Ellenbrook, Bayswater, Baldivis and Canning Vale, which largely reflects first home buyer activity.
A handful of areas also saw an increase in turnover for the quarter, including Fremantle, Gosnells, Cockburn and Armadale.
In Perth’s rental market, the vacancy rate lifted slightly to 5.4 per cent for the three months to August, with 8,311 rental properties on the market.
Mr Groves said this was almost 50 per cent more rental properties than the same time last year.
“As a consequence, the overall median rent has dropped to $410 per week across Perth, and is now typically around $420 for a house and $395 for a unit, apartment or villa,” Mr Groves said.
Stronger quarterly falls in rent were found through the City of Fremantle, down $30 to $465, and the City of Belmont, down $25 to $400 per week.