Perth's median house price continues to track behind other capital cities with prices falling nearly 1 per cent in April, according to the RP Data-Rismark Hedonic Home Value Index.
Perth's median house price continues to track behind other capital cities with prices falling nearly 1 per cent in April, according to the RP Data-Rismark Hedonic Home Value Index.
Perth values were down 0.9 per cent, contributing to what RP Data's director of research Tim Lawless calls "the lowest monthly capital gain since the end of the GFC-induced downturn in December 2008."
The nation's home prices across the eight capital cities rose in April, on average, 0.2 per cent.
The near flat result follows 16 months of strong house price growth nationally, including values rising almost 12 per cent in the year to April 2010.
Despit this home prices in Perth are 7.7 per cent higher than a year ago.
Perth was not the only city to experience declines in house pricing.
"All cities recorded capital gains substantially less than the national average of one per cent per month in the previous 12 months, with Melbourne's monthly growth rate halving from 1.6 per cent per month in the year to March to just 0.8 per cent in April," RP Data said in a statement on Monday.
Brisbane values were down 1.2 per cent and Darwin recorded a 0.3 per cent fall.
Sydney homes rose by 0.3 per cent, while Canberra home prices rose by 0.6 per cent.
"We are in a market now that has lower auction clearances, weaker home loan approvals, and lower consumer confidence," Mr Lawless said, rationalising the falls.
"Combined with the six recent interest rate rises and the fact that home values have recorded very large gains across key markets since the start of 2009, it is not surprising to see values start to track sideways."
ICAP economist Adam Carr said weak credit growth had finally led to a slowdown in residential price growth.
"It was unlikely that the discrepancy we've been witnessing between house prices and lending was going to last," Mr Carr said.
"Weak credit growth and strong house prices don't normally go hand in hand, so either lending growth was going to accelerate or house prices ease off.
"At the moment the RP data suggests it is house price growth that will moderate."
Mr Carr said the April result was only one month of data and data series needed to be watched "closely".
"At the moment I'm still of the view that once rates stabilise, lending will pick up and we will continue to see modest house price growth.
"It is the pace of rate rises that has people spooked rather than the level per se."
