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Perth house prices fall $20,000

02 August 2015 by News Desk

property001The average price of a house or apartment in Perth has fallen by $20,000 in the three months to June.

The average price of a house in the metropolitan area dropped from $550,000 to $530,000 while the cost of units, apartments, villas and townhouses fell from $440,000 to $420,000 – the largest drop in two years, according to the Real Estate Institute of Western Australia.

Prices in the wider Perth region have also fallen; the average house price dropped by $10,000 to $380,000 while apartment prices fell by almost $5,000 to $325,000.

REIWA says it now takes an average of 71 days to sell a property, but total sales have fallen by 21.5% compared to the same period in 2014. “Across the metropolitan area, almost 60% of sellers reduced their asking price and where that happened a discount of around six per cent was the average reduction,” said David Airey, president of the REIWA.

Meanwhile, the metropolitan average rent has come down by $10 to $420 per week. It means that average rent has now fallen by $55 over the last two years.

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