Perth's median house price has fallen by $20,000 in the June quarter - the largest drop in two years.
The Real Estate Institute of Western Australia said the metropolitan median house price dropped from $550,000 to $530,000 while the cost of units, apartments, villas and townhouses fell from $440,000 to $420,000.
REIWA president David Airey said it was a similar story in the regions with the median house price dropping by $10,000 to $380,000 and the median apartment price dipping by about $4500 to $325,000.
“Some of this fall can be attributed to the composition of sales, with a greater turnover of more affordable properties pulling the median downwards, but it’s also clear there is a market correction under way and many sellers are having to discount to find a buyer,” he said.
REIWA says it now takes an average of 71 days to sell a property, up three days on the previous quarter.
“There were 10,200 sales in the quarter, down by 900 in the previous quarter but more significantly, down by 21.5 per cent in turnover from the same time last year,” Mr Airey said.
“Across the metropolitan area, almost 60 per cent of sellers reduced their asking price to seal the deal, and where that happened, a discount of around six per cent was the average reduction.”
In the rental market, there were 8128 properties looking for tenants in the quarter, up by 1524 properties in the March quarter.
As a result, the metropolitan median rent has come down by $10 to $420 per week.
“This means the overall median rent has now dropped by $55 over the last two years,” Mr Airey said.