REIWA has rewarded a 2.8% fall in the median house price for the Perth metropolitan area with a new median house price of $508,000 from June's median of $522,500. The hottest areas for sales have been in the more affordable south-east of Perth around Gosnells, Thornlie and Armadale. Just over a week ago, Thornlie had the highest number of sales in Perth.
The number of properties available for purchase has dropped 16% since last year. The rental market has also experienced a weakening which experts have attributed to fist home buyers finally buying houses and leaving the rental market. An average house will cost $475 per week which is $5 down from the June quarter. The biggest fall in rent was in the City down $30 per week, down $25 in the western suburbs and South Perth.
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