House prices fall in Perth
11 February 2016 by News DeskThe average price of a house in Perth, Australia has fallen by 5% compared to the same period a year ago.
Perth: Prices in the Western Australia capital dropped five per cent between September and December 2015. The average cost of a house was $530,000 by the end of the year.
Latest figures show that of all house sales in the Perth metropolitan area, 35 per cent cost between $360,000 and $500,000. Houses costing between $500,000 and $750,000 made up 32 per cent of total sales.
This compares to Sydney where the average price of a house in the city centre is now around $1 million.
Average cost of a Unit in Perth between September and December 2015 fell by 2.2 per cent compared to the same time in 2014. Units now cost an average of $435,000.
Total number of homes listed for sale fell 3.8 per cent to 14,551 in the last three months of 2015. Of these, 5,909 properties were actually sold – and each one took an average of 59 days to sell. That’s almost two weeks longer than a year earlier.
Almost half of all sellers dropped their asking price in order to achieve a sale.
Darrell Todd, CEO of thinkingaustralia, says: “We’ve been saying for months that house prices were set to fall, and latest figures confirm this view.
“It is now turning into a ‘buyer’s market’ in many Australian cities and Perth is a clear example of this, with 50% of sellers now dropping their asking price.
“For anyone looking to buy a home, there are increasing numbers of good properties available for sale at a discount.”
The cost of renting a home in the W.A. capital has also fallen.
Average rents for a house are now $410 per week and for Units $380 per week with average rents falling by $40 per week compared to a year ago.
In December the number of homes available for rent increased by more than 1,300 to 9,532.
“There are many hundreds of new properties now coming onto the market causing an over-supply,” says Darrell Todd. “And this will continue to force down sale prices and the cost of renting.”
