Still no reprieve for Perth house prices

Australia’s capital cities experienced a cooling of housing market conditions last month, with Perth unable to shake the downward trend.

Perth house prices fell 0.4 per cent in May, according to the latest CoreLogic RP Data report, with the city’s median dwelling value sitting at $481,500.

House prices in Perth fell 0.4 per cent in the three months to May, and 3.8 per cent in the year to date.

Across the combined capital cities, house prices fell by 1.1 per cent last month.

“The past three months has seen capital city dwelling values rise by a modest 0.4 per cent, with four of the eight capitals recording a fall,” CoreLogic head of research Tim Lawless said.

“Over the past three months, Sydney dwelling values are unchanged while Melbourne values have increased by 0.7 per cent."

That being said, house prices in Sydney were down 1.3 per cent last month, while Melbourne prices were down 1.7 per cent.

“The trend in growth rates across the smaller capital cities was mixed with dwelling value across Brisbane and Adelaide continuing to inch higher while values in Perth and Darwin showed further easing over the most recent rolling quarter,” Mr Lawless said.