The Real Estate Institute of Western Australia has shrugged off recent analyses of the sluggish Perth residential property market, saying official numbers were likely to change as more settlements were received over the next few weeks.
The Australian Bureau of Statistics said today median house prices in Perth grew slightly over the March quarter, in contrast to two separate analyses of the residential market last week which said median home values were on a downward trend.
The ABS' preliminary quarterly House Price Index indicated a 0.5 per cent increase in Perth over the quarter, although it fell 3.2 per cent for the year.
Every other capital city, except for Hobart, experienced falls, to see the national price index drop by 1.7 per cent.
In the December quarter, the national house price index grew 0.8 per cent.
The market had forecast a fall of 0.5 per cent in the March quarter, for a year-on-year rise of 1.6 per cent.
Last week, RP Data Rismark's Home Value Index ranked Perth's residential market as the nation's second weakest performing, with its median prices dipping 3.4 per cent over the March quarter.
According to RP data's quarterly analysis of home prices, Perth's median price is now $465,000.
Australian Property Monitors look at the market last week also indicated Perth property values were retreating, with a less drastic fall of 1.1 per cent.
APM put the median price at $540,978.
REIWA President Alan Bourke urged caution with reading too much into the recent figures.
"REIWA data are showing an increase in sales trend over the first three months of the year and we estimate that there are at least 15 per cent of settlements for the March quarter still to come in," Mr Bourke said.
"Once this happens it is likely to push up median prices through both volume and composition, given that the more expensive properties take longer to settle."
REIWA said its preliminary data from reiwa.com suggested Perth's median house price would settle around $485,000 once all settlements for the March quarter have been received, a one per cent fall on December's revised $490,000.
"Quarterly data can be volatile and is easily affected by late sales," Mr Bourke said.
"For this reason it is important and to be patient and to wait for a good sample size and the later sales data before jumping to any conclusions."
REIWA will release its data for the March quarter on May 14.
