01/10/2008 - 14:24

Perth house values slump in August

01/10/2008 - 14:24

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House values in Perth have suffered the largest drop compared to national figures, falling almost 6 per cent in the past year, according to latest statistics from the RP Data/Rismark International index.

Perth house values slump in August

House values in Perth have suffered the largest drop compared to national figures, falling almost 6 per cent in the past year, according to latest statistics from the RP Data/Rismark International index.

In its monthly evaluation, the index reported a 5.69 per cent fall in the value houses and units in Perth for the year to August to $476,519.

The median house price fell to $481,578 in August, down from the previous month's $494,286 while the median unit price dropped from $340,390 to $332,951.

Sydney was the only other capital city to record a decline in median values for the year to August.

RP Data national research director Tim Lawless said while the fall in Perth values may cause "distress" for home owners, it needed to be placed into context where values have increased by 13.9 per cent annually over the past five years.

"Perth has been remarkably resilient, considering the combined influences of the stock market decline and the rapid property price rises of 2003 - 07 and their effect on affordability," RP Data said in a statement.

"On average, the market is only down about 2 per cent over autumn and winter.

"The August indicative figures showing 5 - 6 per cent falls should be read with caution as they are based on a small sample of sales."

RP Data's figures are higher than those released by the Real Estate Institute of Western Australia.

According to REIWA's most recent data, Perth's median house price is $443,000, measured at the end of the June quarter.

This represented a fall of about 6 per cent since December last year, and 3.7 per cent since the March quarter.

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