In new data out today the Real Estate Institute of Western Australia reports a dip in Perth’s median house price of just below 1 per cent for the month of May.
The fall of 0.7 per cent puts the metropolitan median house price at around $548,000.
REIWA President David Airey said the results were in line with his market predictions from the March quarter.
“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,” Mr Airey said.
REIWA data show that sales activity rebounded by 18 per cent in May after a weaker market in April, however the number of sales transactions is down 5 per cent on the same time last year.
For the month of May, early indications are that stronger sales activity was recorded in the north east region of Perth through the City of Swan and Shire of Kalamunda, while Gosnells in the south east region also performed well.
“The number of properties on the market is trending back strongly towards Perth’s long term average, up by 16 per cent in the three months to May and putting 10,665 properties up for sale.
“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.
Mr Airey said Perth’s rental market was largely unchanged with a small rise in the number of available properties and the median rent staying the same.
“It appears that north east parts of Perth including the City of Swan and Kalamunda experienced the highest percentage of new rentals coming on to market, followed by Kwinana and Rockingham in the south west region.
“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.
Perth’s rental vacancy rate continues to hover around 4 per cent.