Perth house prices drop 4pc in December
The median price of homes in Perth fell by around 4 per cent in the December quarter of last year, according to preliminary data released by the Real Estate Institute of Western Australia.
The drop in median price represents the forth quarter of declining prices, bringing Perth’s median house price to $418,000 from $435,000 in September last year. Since its peak in December 2007, Perth’s median house price has declined 11%.
REIWA data shows the overall sales volume to be static, but increasing in the strong first home buyer areas. The number of houses on the market has dropped seasonally as many sellers withdrew their properties for sale over the Christmas period. REIWA data shows the overall figure fell to 16,000 properties at the end of December, compared to 18,400 at the end of November.
The number of selling days has contracted slightly to 76 days in the December quarter, down from 80 days in September.
