Perth’s house price slump continues

Perth’s house price woes have worsened further, after it recorded the sharpest decline in median price of all Australian capital cities in June, according to the latest CoreLogic data.

The median house price in the Perth region fell 0.5 per cent in June to sit at $441,275.

The fall for median unit prices was even sharper, with the data revealing decrease of 1.1 per cent for the month.

For the June quarter the median house price in Perth declined 2.2 per cent, and over the past 12 months it has slumped 8.9 per cent.

Inner Perth, Mandurah and Perth’s south east have been among the five worst performing sub-regions in Australia over the past year, with median prices falling by around 10 per cent.

Since five years ago, the median house in Perth has lost 20 per cent of its value.

However, CoreLogic head of research Tim Lawless noted that weak environment in Perth has not been as severe in more affluent areas.

“The only other capital city (other than Sydney and Melbourne) to be showing a stronger performance across the upper quartile of housing values is Perth, where top quartile values were 2.1 per cent lower over the past three months while lower quartile values were down a more substantial 2.8 per cent,” Mr Lawless said.

Nationally, there was an average increase of 0.1 per cent for the month, with every other capital city in the country recording a rise, except for Canberra and Adelaide, which both had a fall of 0.3 per cent each.

For the quarter, the national median fell by 0.4 per cent.