Further falls for Perth property prices
Further falls for Perth property prices

Perth home owners, facing the prospect of an interest rate rise as early as next week, have taken another blow with property prices falling again.

The RP Data-Rismark measure of median prices found them falling by 0.2 percent in Perth through June.

Over the past three months the median price, which now sits at $461,000, has fallen by 1.3 percent to be 4.7 percent lower over the past 12 months.

However, its rank as the worst performed property market has been erased, replaced by Brisbane where prices are now down by 6.3 percent over the past year.

Only one capital city in the country, Sydney, has enjoyed an increase in prices – up by 0.5 percent.

But it’s not only stand alone homes taking a battering.

The median price for Perth units fell by 0.4 percent in June to be 1.4 percent lower through the quarter.

Over the past year the median unit price has fallen by 1.1 percent to stand at $400,000.

And outside of Perth home prices are also down.

House values in regional WA fell by 2.7 percent in the quarter, underperforming regional Queensland where they fell by 2.5 percent.

RP Data’s research director Tim Lawless said a range of headwinds were hitting house prices.

“Market conditions are clearly being dampened by low levels of consumer confidence fuelled by interest rate speculation and global economic jitters,” he said.

The higher-than-expected CPI figures earlier this week are likely to reignite the interest rate debate which is not going to assist with an improvement in consumer sentiment.”

Nationally, prices fell by 0.2 percent in June to be 0.9 percent lower through the quarter.

Over the past twelve months the median price has dropped by two percent to stand at $462,500.

The West Australian

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