House price up, sales slow

THE median value of residential properties rose in July despite a slow down in sales according to the latest monthly, survey of the Perth housing market.

The median price of established houses sold in Perth in July was $158,900 which was a 0.7 per cent monthly increase and an annual increase of 6.5 per cent.

There were 3,014 sales of established dwellings in Perth in July, which was unchanged from the previous month.

However, the number of established homes sold in Perth was 29 per cent down from December sales when the market was at its pre-GST high-point.

Real Estate Institute of WA president Neville Fox said that the sharp increase in building costs during the pre-GST building boom in 1999 was showing up in the general housing market.

Mr Fox said the major influences on the WA housing market included the ongoing impact of the GST on housing prices, the excess of new homes resulting from the building boom, and the course of interest rates in the next six months.

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