Signs of stabilisation emerge in Perth housing market

Font size :



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.”

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Sep 23, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords