Perth house prices at five year low: Domain
Staff reporterOctober 11, 2017
After dropping consecutively for three quarters, the median house price in Perth has now reached the lowest recorded by the local market in five years.
As the market continues to weaken, house rents in Perth are now the most affordable of all capital cities, said Domain Chief Economist, Dr Andrew Wilson.
The median house price in Perth dropped a further 1.3 per cent over the September quarter, to a five year low of $554,095.
Domain quarterly stratified median house prices
| HOUSE | SEP 2017 | JUN 2017 | SEP 2016 | QOQ % | YOY % |
| Sydney | $1,167,516 | $1,190,677 | $1,079,309 | -1.9% | 8.2% |
| Melbourne | $880,902 | $869,598 | $773,399 | 1.3% | 13.9% |
| Brisbane | $551,840 | $552,874 | $531,767 | -0.2% | 3.8% |
| Adelaide | $519,517 | $520,846 | $498,971 | -0.3% | 4.1% |
| Perth | $554,095 | $561,391 | $567,314 | -1.3% | -2.3% |
| Canberra | $723,980 | $693,962 | $655,468 | 4.3% | 10.5% |
| Hobart | $409,592 | $392,170 | $356,916 | 4.4% | 14.8% |
| Darwin | $593,329 | $615,670 | $610,510 | -3.6% | -2.8% |
| National | $819,455 | $823,381 | $758,367 | -0.5% | 10.8% |
Perth is one of the only capital cities (along with Darwin) to record a decrease in house prices year-on-year, down 2.3 per cent.
The median unit price in Perth also dropped significantly over the September quarter, down 6.7 per cent to $351,875.
The result 7.7 per cent lower than the median unit price 12 months ago.
The median rental price for houses dropped 2.8 per cent over the September quarter to $350 per week; 7.9 per cent lower year-on-year. While the median unit rental price remained steady over the quarter, the result is still 6.3 per cent lower than at the same time last year.
