Preliminary Real Estate Institute of Western Australia data shows Perth median home values have declined for 15 consecutive months.
REIWA said median house prices fell by around 2 per cent in the June quarter, the fifth consecutive quarter of falls.
REIWA president Alan Bourke said the median house price should settle around $475,000, the same level as December 2007.
“Our preliminary data and that of Landgate, which together represents around 80 per cent of the market, suggest there has been an increased proportion of sales in the $350,000 - $500,000 range whereas sales in other price segments have declined,” Mr Bourke said.
“It’s notable, though, that sales over $1million remain quite stable and that premium property is holding up.”
Mr Bourke said the early data showed little movement in median prices for units, townhouses and villas, despite stronger turnover.
REIWA data show that properties for sale in Perth have been running at around 17,000 for much of the June quarter after peaking at 18,200 during April.
“The average number of selling days has increased to 82, the highest level since the 2004-07 boom when it fell to a low of 36 days in mid-2006. Buyers must be patient and realistic about price,” Mr Bourke said.
In the rental market the overall median rent is steady at $380 per week, although the vacancy rate has lifted by 9 per cent from 3.2 per cent in March to 3.5 per cent in the June quarter.