Perth property values continued to fall in September down 1.7 per cent with the biggest fall in the value of units which were down 4.1 per cent, the latest RP Data survey shows.
For the September quarter capital growth for all dwellings in Perth was down five per cent.
According to the the RP Data Rismark Hedonic home value index released today, the median price of a house in Perth is now $480,000.
The price of a unit in Perth fell to $405,000 in the September, down 6.8 per cent for the quarter and 8 per cent for 2010.
Nationally home prices were virtually unchanged in September, with national dwelling values up just 0.1 per cent in the month.
Over the September quarter, city dwelling values fell 0.4 per cent.
Riskmark managing director Christopher Joyce said that 2010 has panned out exactly as expected.
"A strong start to the year followed by little-to-no capital growth in the second half," he said.
Perth was the weakest performing capital city in the September quarter.
While Sydney values rose by 0.8 per cent, Melbourne values increased by 0.7 per cent as
Canberra recorded the largest growth of 1.9 per cent in the third quarter.
Over the period, Brisbane values fell 1.4 per cent, while Adelaide and Hobart were down 0.6 per cent and Darwin values fell 0.3 per cent.
The overall weak performance in September follows annualised double-digit capital growth since the start of 2009.
RP Data's senior research analyst Cameron Kusher said, "Research recently undertaken by RP Data highlighted that those markets with the greatest effective supply of properties available for sale were typically recording the weakest growth in values."
"Perth has an effective housing supply of 9.0 months and has recorded a decline in value of 0.3 per cent over the year," he said.
The survey showed national city dwelling values were up 7.9 per cent over the past 12 months.
