According to the report, the Perth median of $528,000 compares to Sydney’s exceedingly high median of $1,032,000 and is also significantly lower than Melbourne’s at $818,000.
Realmark Group Managing Director, John Percudani said what this meant for the Perth property market was that, combined with the WA economy beginning to regain strength and home loans at the most affordable they had been in decades, there was plenty of room for property price growth here in the years to come.
“Perth has been impacted by low population growth, a subdued economy and tighter lending conditions by banks, however, there are signs indicating Perth’s property market is stabilising and due for a rebound,” Mr Percudani said.
“Perth is in a very healthy, normalised market in comparison to other markets across Australia. Our market is quite stable and as long as we don’t get an oversupply, the market will continue to progressively improve.”
Domain economist Trent Wiltshire said when comparing June 2019 median house price data with June 2018 figures, the price falls had not been as dramatic or as fast in Perth compared to that of other capital cities such as Melbourne and Sydney.
Mr Percudani said market influences that would positively impact on our property market were lower interest rates, a stronger mining outlook, growing demand for workers and unemployment was expected to fall plus anticipated infrastructure investment.
“What Perth then needs is for population growth to increase to create demand for housing and we are expecting that in 2020 all of these market influences will combine to lead to improved opportunities.”
The Domain House Price Report showed Perth house prices recorded a fall of 2 per cent in the June quarter.