House prices in Perth drop to lowest level in three years

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Perth house prices are now at their lowest point since March 2013 despite hopes that they may stabilise this year. House prices fell by 1.7 per cent to a median of $568,132 in the June quarter.

“After looking like the market might bottom out, Perth recorded a sharpish decline in the month and even a sharper decline in the June quarter,” said Domain chief economist Andrew Wilson. “House prices in Perth are the lowest they’ve been in three years and they are still falling.”

Unlike other capital cities, Perth’s property market was not revived by the country’s historically low interest rates. According to Wilson, confidence was the key factor in keeping the turnaround at bay.

However, a few lifestyle suburbs along the coastline are bucking the trend. The fastest growing suburb over the past three months was Fremantle, which grew 9.3 per cent to a median of $805,000. This was followed by Yanchep, which grew by eight per cent to $448,000. Other suburbs that recorded a rise include Falcon, Hillarys, Secret Harbour, Warnbro, and Iluka.

“We’re not thinking it’s doom and gloom. In fact, we can confidently report strong numbers at open for inspections and multiple offers on most properties,” said Caporn Young Fremantle associate director Phil Hayes. He pointed out that larger family homes are still in demand because of the location’s vibrant lifestyle, sense of community, and proximity to the beach.

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