Sales slowdown continues for Perth houses

Perth house sales increased during the month of February but overall turnover was down on the same time last year, according to figures released by the Real Estate Institute of WA.

REIWA president David Airey said turnover dropped by about 16 per cent over the past year to 1,870 reported sales last month, while Perth’s median house price fell by almost 1 per cent, or $5,000.

“Given that sales were down by 15 per cent in January and now by a similar figure in February, it’s clear that the market is showing a trend of slow-down that is apparent even at a time when seasonal summer sales are usually stronger,” Mr Airey said.

Property listings rose by 4 per cent in February to 13,456 dwellings. REIWA puts Perth’s median house price at $547,000.

The rental market was largely unchanged last month. The City of Belmont was the exception, as median rental prices there increased by $20 (to $450 per week).

“In general, however, Perth’s median rent is unchanged at $440 per week and shows a vacancy rate at just over 4 per cent,” Mr Airey said.

There were 6,251 vacant rental homes in February, an increase of almost 30 per cent on the same time last year.

Willetton, Balga, Morley, Dianella and Karrinyup were the top five suburbs for sales last month in the central metropolitan area.

Business News reported last week that building approvals, new home sales and median house prices were all down in February.