Perth’s median house price has experienced its lowest rate of annual decline in more than 18 months, according to the March 2017 Domain State of the Market Report.
After a turbulent period of prices falls, the Perth housing market is slowly regaining stability, with prices falling marginally in the March quarter. “The median house price is just over $560,000 with units sitting close to $369,000,” said the Domain Group.
Specifically, house prices fell 1.8% to $561,165 during the March quarter, representing a 3% annual decrease in median price—the lowest rate of annual decline recorded since June 2015.
According to Andrew Wilson, chief economist at the Domain Group, the weakening of Perth’s economy in recent years has continued to impact the housing market. “The marginal falls this quarter suggest early signs of market stabilisation, but the journey back to sustained growth will be dependent on a recovery in the local economy to stimulate demand,” he said.
In December 2016, Perth’s median house price was $571,303, and in March 2016, it was $578,426.
Byron Wallace, licensee at Peard Real Estate Hillarys, said there were glimmers of a possible recovery, with some areas of the market performing relatively well.
“Properties that are presented well and priced well can get multiple offers at the moment,” he said. “And we are having at this time, [for the] first time in a long time, buyers asking us to find them properties rather than us trying to find buyers. So there are a few changes and I think with the New Year the inquiry rate has picked up as well.”
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