the median house price rose by 14000, page-56

Perth house prices drop 10 per cent
AdvertisementEmail Print Normal font Large font October 14, 2008 - 3:04PM

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The median house price in Perth has fallen 10 per cent since December last year, Western Australia's real estate lobby group says.

The Real Estate Institute of Western Australia (REIWA) said it had recorded a four per cent drop in the value of established homes in Perth over the September quarter.

The median house price in the capital is now $426,000 compared with $445,000 in June and 472,000 at its peak in December last year, REIWA says.

It is also taking slightly longer to sell homes, with the average number of selling days in Perth rising from 65 days in December 2007 to 79 days.

REIWA also reports that the rental market has relaxed slightly, to a 2.7 per cent vacancy rate, up from one per cent in March 2007.

Sales have increased 13 per cent on the June quarter, REIWA says, with much of that because of first-home buyer activity, which is pushing the median house price down.