The West

Perth property prices fell 1.2 per cent in August, according to new figures which reveal the continuing softness in the housing market.

RP Data-Rismark reported house values across the city dropped by one per cent last month to be up just 0.6 per cent over the past quarter.

So far this year house values are down by 2.7 per cent – the second-worst performed capital city in the country, behind only Melbourne where values for houses are down by 2.9 per cent.

It was no better for those with units, with values in August down by four per cent.

During the quarter, unit values are down by 4.2 per cent but so far this year they are up by 0.1 per cent.

Nationally, capital city property values were flat.

They were up by 0.1 per cent in Sydney and Melbourne, by 1.4 per cent in Adelaide and by 1.2 per cent in Canberra.

But they fell in Brisbane (0.2 per cent), Hobart (1.2 per cent) and Darwin (0.5 per cent).

Over the past years, capital city values are down by 2.4 per cent.

Hobart property values sunk by 5.3 per cent while the best performed city is Darwin where they are up by 4.2 per cent.

RP research director Tim Lawless said the improvement in housing affordability, driven by falling interest rates and lower prices, seemed to be encouraging people back into the market.

“Improved affordability since June has helped dwelling values rise across every capital city over the three months ending August, apart from Adelaide,” he said.

“The big question is, can this growth be sustained?

“On the one hand, winter is seasonally slow, so these results have been encouraging.”

The West Australian

Latest News From The West

Popular videos

Our Picks

Follow Us

More from The West