Prices for houses weaken, units improve

The latest REIWA data has confirmed the bad news for those looking to sell their house, but the price of units in Perth experienced a surge in the June quarter.

The Real Estate Institute of Western Australia's data revealed there was 6,649 sales recorded during the June 2019 quarter, which was a decrease of 23 per cent compared to the March 2019 quarter.

The data also echoed CoreLogic’s house price figures that were announced earlier this month, which revealed that Perth’s median house price continues to be in decline.

The median house price in the Perth metro area fell 2 per cent from $500,000 to $490,000 between the March and June quarters, according to REIWA.

REIWA deputy president Lisa Joyce said house prices should stabilise next quarter.

“REIWA.com data indicates Perth’s median house price would settle at around $490,000, stabilising since the last quarter and the first time we have not seen a decline since the December 2018 quarter,” she said.

“What is also interesting are the suburbs that are showing the highest median growth in June 2019 vary across all price ranges.”

At the higher end of the market, Hillarys and Wembley Downs saw an increase of 1.8 per cent and 0.7 per cent over the quarter, with an increase of 9.9 per cent and 4.8 per cent since June 2018.

East Victoria Park experienced the largest growth of any suburb, with a 4.4 per cent rise over the quarter to $648,000.

REIWA said there was a stronger market for smaller dwellings.

The median price of a unit in the Perth metropolitan region rose by 3.9 per cent to $385,000 in the June quarter.