Though 54% of sellers had to lower their asking price in the three months to June, the size of the discount has levelled out at 6.5%, preventing the median price from falling futher.
The pace of decline in Perth's median house price stalled during the June 2017 quarter, with the latest data from the reiwa.com showing it had only dipped 0.6 per cent, reaching $517,000.
More than half of Perth sellers had to lower their asking price in the quarter, but the amount of that discount levelled out at around 6.5 per cent, preventing the median house price from falling further.
REIWA deputy president Damian Collins said it was a positive that the rate of decline has slowed. He said 54 percent of sellers lowered their asking prices, but the amount of the discount evened out at around 6.5 per cent.
“We’ve seen steady discounting levels over the last six months, with the percentage of sellers who have had to reduce their asking price holding at around 54 per cent.
"Additionally, the amount those that have had to discount by has levelled off at approximately 6.5 per cent," he said.
Collins said seller and buyer pricing expectations are moving towards parity.
There is "less variance between the two parties, which is pleasing,” he said.
reiwa.com data shows the South East region actually recorded a 0.2 per cent increase in the median house price during the three months to June.
“At a sub-market level, reiwa.com data shows a mixed bag of results, with a number of areas recording positive median house price growth," said Collins.
The top performing suburbs for median house price growth included:
The reiwa.com data shows listings for sale in Perth declined by four per cent over the month of June, and were down one per cent compared with the same period last year.
"Although stock levels are still notably higher than the long term average, we do appear to have hit the ceiling of available stock which is welcome news for the Perth market,” said Collins.
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