Another fall in Perth home prices

Perth home prices fell 1.2 per cent in the three months to June, official figures released today have shown, while the average price across Australia’s capital cities rose 2 per cent.

Perth and Darwin were the only two capital cities to record a fall in home prices in the June quarter and in the 12 months to June, new data from the Australian Bureau of Statistics show.

The residential property price index for Perth fell 1.2 per cent in the June quarter, following a 1.7 per cent decline in the March quarter and a 0.5 per cent rise in the December 2015 quarter.

The index fell 4.8 per cent in the year to June.

That compares to the latest home price information released by CoreLogic RP Data earlier this month, which showed a slight 0.2 per cent rise in house prices in Perth last month, with the city’s median price now sitting at $480,000.

Real Estate Institute of Western Australia, however, values Perth’s median at $530,000 in the three months to June (most recent data), which was down 1.9 per cent on the previous quarter.

According to the latest ABS data, capital city home prices rose 2 per cent on average in the June quarter, with the increase lifting the total value of the housing stock by $138 million to $6.04 trillion.

The average price of Australia's 9.7 million dwellings is now $623,000, up from $604,700 a year ago.