Perth property: prices fall five per cent
21 August 2016 by News DeskPerth property has recorded a 5.1 per cent fall compared to last year.
Perth property: in the past three months home values across the city fell by 4.3 per cent and are 5.6 per cent lower over the past year.
Property prices reached a peak in December 2014 but have since fallen by 8.3 per cent.
The cost of buying a home in Sydney has risen by 9.3 per cent since 2014 while prices in Melbourne are up by 6.9 per cent and Adelaide by 5.2 per cent.
Combined capital city property prices have risen by 6.3 per cent in the first six months of 2016 according to CoreLogic.
Perth property: rental market
Combined rental costs for houses and units in Perth fell 5.2 per cent in the June quarter. The overall average rent for houses and units combined fell $15 to $380 per week.
Perth’s north east sub region saw a 4.7 percent rise in rental activity in the June 2016 quarter. The south west sub-region has seen an increase of 0.2 per cent.
Perth’s central sub-region had the biggest decline in activity in the three months to June, falling by 8.5 per cent.
There was an increase in properties rented in the north east sub-region and in the south west sub-region.
Average rents in the North East and South East sub regions held steady over the quarter with no change.
Thirty per cent of the 124 suburbs in the Central sub-region experienced either an increase in their average rents or had stable rents.
The number of properties available for rent in Perth reached 11,000 in the three months to June.
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