Perth home values dropped through February and have not grown over the past quarter, new figures out today show.
In a sign that the property market is going sideways, RP Data-Rismark reported values in Perth fell by 0.2 per cent. Through the previous three months there has been no change.
House values edged down by 0.4 per cent to be 0.2 per cent lower over the quarter. Over the full year house values have lifted by 7.2 per cent.
The story is better in the units and apartments sector, up by 2.9 per cent in the month to be two per cent higher through the quarter.
Elsewhere the story was mixed with home values lifting by 0.8 per cent in Sydney to be 14.1 per cent higher over the year. Prices for homes lifted in Hobart (by 1.4 per cent) and Darwin (by 0.7 per cent).
But they fell by two per cent in Brisbane while they were also down in Canberra (0.8 per cent), Adelaide (0.2 per cent) and Melbourne (0.2 per cent).
RP head of research Tim Lawless said the figures did not mean the national property market had hit rocky ground.
"The likelihood is that the weak reading for February is an adjustment from the strong readings in December and January rather than the beginning of a flat to negative growth phase across the macro level housing market," he said.
But Mr Lawless cautioned that later into the year there were signs the strong growth in many markets would slow.
"Our view is that the housing market conditions will start to wind down later this year as affordability constraints and low rental yields dampen market conditions," he said.
"Additionally, with a belief that mortgage rates are likely to start tightening later this year, it may help to quell some of the exuberance we have been seeing."