Perth housing affordability up as values slip again

Perth home prices are now 10 per cent below the market peak of 2014, after the sector lost gains made in January to fall 2.4 per cent last month.

The 2.4 per cent slump in Perth prices for February took the median price to $477,000, according to the latest CoreLogic RP Data report.

Perth prices are down 0.9 per cent in the three months to February, and have now slipped 4.5 per cent in the year to date.

On a national scale, CoreLogic head of research Tim Lawless says the February results marked a new high point in the current growth cycle for house prices, with capital city dwelling values up 11.7 per cent over the past 12 months.

House prices grew 1.4 per cent nationally over the month.

Mr Lawless said the monthly fall in house prices in Perth had provided buyers with more options to purchase property.

“Housing affordability has shown a marked improvement in the region, with the dwelling price to income ratio tracking at 5.5 in Perth,” he said.