Perth’s property market stabilised in the June quarter, with key market indicators, such a median prices, days on market, and listing numbers, showing little change.

REIWA President Hayden Groves said, while conditions remain soft, there are positive signs the market has finally begun to "settle".

“We’re certainly not experiencing the steep declines across the board we once were," he said. 

Groves said the data is a sign the market may have "finally found, or be very close to finding, the 'floor'".

Median house and unit prices

The preliminary data shows Perth’s median house price was $500,000 for the three months to June 2017.

“As with most quarters, this preliminary figure sits noticeably below the revised March quarter median of $515,000," said Groves, adding that once all the data is in, he expects the final June median to be closer to the March number.

The data shows there has been little movement in the Perth median house price in the first six months of 2017.

Perth’s preliminary median unit price for the June quarter came in at $412,000, down only 1.8 per cent on the final March quarter result, suggesting the final June quarter median unit price may show a rise.

Sales activity

Landgate’s preliminary data shows there were 6,188 total dwelling sales in Western Australia in the three months to June 2017.

Groves said result was similar to the preliminary figures initially reported in the December and March quarters.

"Sales activity in Western Australia over the last three quarters has been fairly consistent," he said, saying it was "a welcome change" from the falls previously recorded.

Groves said he expects the final result will be above 9,000, which will be on par with the December and March quarter.

“We’ve seen a similar trend in the Perth metro area, with early reiwa.com data showing there were 4,000 house sales over the quarter," said Groves. 

"This figure should lift to around 6,100 once sales have settled, putting it on par with the revised March quarter figure and slightly higher than the same time last year".

Listings for sale

Listings for sale in Perth decreased from 14,841 at the end of March to 14,076 by the end of June.

Groves said the 5.2 per cent decline in stock levels was likely a result of the steadily improving sales transactions.

“Although we still have plentiful choice in the market, we do appear to have hit a ceiling and are no longer seeing the increases we once were. As long as transactions remain steady, we should see listing levels decline,” he said.

Average selling days and discounting

It was one day faster to sell a house in Perth in the June quarter than it was in the March quarter.

The average selling days figure for the three months to June was 68 days, said Groves, which is a small improvement on the March quarter result.

This is "another example of the stable conditions that appear to be prevailing", he said.

Discounting

The proportion of vendors who discounted their asking price over the quarter declined marginally to 54.8 per cent.

“We also saw a minor shift in the amount sellers were having to reduce by, which lifted to 6.6 per cent from 6.4 per cent in the March quarter,” said Groves.

Read more about real estate in Western Australia:

As Perth market stabilises, where are the most affordable suburbs?

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