Home buyers in Perth are still unlikely to find a bargain despite a drop in sales and more properties hitting the market.
Data from the Real Estate Institute of Western Australia (REIWA) shows the median price for a home in Western Australia’s capital lifted by almost one per cent in the September quarter to $548,000.
At the same time sales turnover for houses dropped to its lowest level in two years and property listings are trending quickly upwards.
According to REIWA sales turnover for Perth houses is 12 per cent below average but turnover for units, apartments and villas had a seven per cent spike last quarter.
First home buyers also paid less for the keys to their first home.
The median purchase price for first home buyers dropped by $24,500 between July and September.
“This is good news for first home buyers on one hand,” REIWA president David Airey said.
“But it also shows they are becoming harder to find in the established home market.”
The news is also good for renters with prices in Perth dropping about $10 to a median of $450 per week for houses and $430 a week for units, apartments and villas.
REIWA figures show regional WA bucked the falling sales trend in the capital with sales turnover virtually unchanged during the quarter.