Property sales in Perth have dropped by 10 per cent since June, with the median house price falling to about $540,000, while the rental market has remained steady at $450 a week.
Data for July from the Real Estate Institute of WA (REIWA) shows the western suburbs had the biggest fall in turnover – dropping 44 per cent, or 48 properties, to 62 sales.
Gosnells, Belmont, Cockburn and Swan also dropped by at least 19 properties each.
REIWA president David Airey said the falls were a reflection of weaker first home buyer activity.
However, sales increased in the cities of Bayswater and Bassendean in July, up collectively by 10 transactions to 84, and the northern part of Joondalup also increased.
REIWA said there were 2020 sales in July, although the stock of listings had come down about four per cent since April, and was at 10,384 properties for July, down by almost 500 properties since June.
Perth’s median house price dropped 0.2 per cent since the end of June to about $540,000.
Mr Airey said weaker market activity in the central part of the metropolitan area, where prices were generally higher, had contributed to the softening of the Perth median.
Meanwhile, the rental market remains steady with renters paying about $460 a week for a house and $435 for a unit, apartment or villa.
REIWA data shows rental listings were up four per cent, or 208 properties, to 6032 dwellings in total.
Mr Airey said the greatest increase in rental listings was in Perth’s southeast subregion through Armadale and Gosnells, and the City of Perth.