05/06/2015 - 05:03

Home values steady, rents fall

05/06/2015 - 05:03

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Home values steady, rents fall

Perth house prices were steady in the three months to the end of May but rents were down, according to the latest data from the Real Estate Institute of WA.

REIWA figures put the median house price in Perth at $547,000 at the end of May, unchanged from the previous quarter.

Turnover was up 23 per cent in May compared to April, to 2,067 transactions, but that was still 16 per cent lower than the same time last year.

Sales were up by 60 per cent in the western suburbs, 52 per cent in the City of Melville and by 40 per cent in the cities of South Perth, Victoria Park and Cockburn.

Despite the increased activity, the number of properties on the market remained above long-term averages, with 14,363 listings reported in May.

“There are now 35 per cent more properties on the market compared with May last year,” REIWA president David Airey said.

In the rental market, Perth’s median rent has dropped to $425 per week overall, equating to $440/week for a house and $400/week for an apartment or villa.

Mr Airey said Perth’s median rent had dropped by 10 per cent, or $50/week, from its peak of $475/week in June 2013.

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