Data out today from the Real Estate Institute of Western Australia show Perth’s median house price steady at $547,000 for the three months to May, but metropolitan rents have fallen. There were 2,067 house sales in May, which was down 16 percent from the same time last year, according to reiwa.com.au

Areas with the strongest turnover of housing were the Western Suburbs (up 60 per cent on April), City of Melville (up 52 per cent), and South Perth, Victoria Park and Cockburn, all up 40 per cent. City of Melville and the Western Suburbs performed best in terms of improved sales numbers on the same time last year. Top selling suburbs included Butler, Ellenbrook, Willetton, Baldivis and Canning Vale.

Rent wise, the vacancy rate in April was 4.5 per cent. Currently there are 7,616 properties looking for tenants. “There was a 7 per cent jump in rental listings during May, adding to 44 per cent more rental properties to the market than the same time in 2014,” said REIWA President David Airey. Competition in the rental market saw Perth’s median rent come down to $425 per week, and which typically translated to $440 for a house (down $10) and $400 for an apartment or villa (down $20).

Airey said Perth’s median rent was now down by 10 per cent, or $50, from its peak of $475 per week in June 2013. The City of Belmont saw the biggest individual drop, with its local median falling from $450 per week to $425 per week between April and May.