The value of houses and units in Perth fell again in the March quarter, new data from Australian Property Monitors has found, but the group has predicted a market revival by year's end.
APM said the median house price in Perth fell by 1.1 per cent in the March quarter to $540,978, taking the annual fall to 4.1 per cent.
That made Perth one of the weakest markets in the country and compared to national data showing a quarterly fall of 0.6 per cent and an annual rise of 0.2 per cent.
APM said the trend for unit prices was similar.
In Perth, unit prices fell by 0.7 per cent over the quarter and 4.9 per cent over the year.
Commenting on the national data, APM senior economist Andrew Wilson said: "with high levels of stock on the market and a continued decline in first homebuyers as well as investor activity, most markets have struggled to rebalance from the buyers' market conditions evident since late 2010".
"The Perth housing market remains subdued with low buyer confidence continuing to constrain activity levels; however the continuing resources boom should generate a revival in the market by year's end," Dr Wilson predicted.
