CoreLogic reveals house prices fall

CoreLogic has revealed a decline in Perth house prices for November, which is at odds with the Real Estate Institute of Western Australia’s data suggesting prices increased last month.

CoreLogic data shows Perth’s median house price sits at $448,336, following a 0.7 per cent slide last month, the ninth monthly decline so far in 2018.

This takes the price fall for the quarter to 2.1 per cent, with an annual decrease of 4.2 per cent.

AMP Capital chief economist Shane Oliver said the decline would soon be due to cease as the resources industry bounced back.

“Perth and Darwin are likely close to the bottom as the mining investment slump comes to an end,” he said.

Contrary to the CoreLogic figures, the latest data from Reiwa showed that the median Perth house price was up 1.6 per cent to $518,000, rising for the second straight month.

Reiwa’s median house price calculation is based on actual sales, while CoreLogic aims to capture the entire property market.

Nationally, CoreLogic’s data showed that the housing market is at its weakest level since the GFC, with a fall 0.7 per cent in November, taking the annual decrease to 4.1 per cent.

For the month, Sydney and Melbourne recorded falls of 5 per cent and 2.6 per cent, respectively.