Perth dwelling prices fell 5.7% over the most recent three-month period, ABC News reported, with the median dwelling price dropping to $942,018 after peaking above $1 million in April. The decline from the April peak represents a fall of close to $100,000, according to data from property research group Cotality.
The Reserve Bank raised interest rates by 0.25 percentage points, bringing the cash rate to 4.85%, its highest level since 2008. Cotality figures show Australia is tracking toward its largest housing market downturn in 40 years.
Mr Mandanici said Australia was experiencing some degree of market slowdown but that the price falls did not constitute a crash. He said prices in multiple Perth suburbs had pulled back but that many of those suburbs had previously been at record highs. Many buyers were waiting on the sidelines and the interest rate decision would give them confidence to proceed, he said.
Commonwealth Bank economists forecast Perth property prices will fall 18% from the April peak before stabilising in the second half of 2027.
Prospective homebuyers in Perth may find purchasing conditions more accessible as prices have fallen from their April peak, though the Reserve Bank's rate increase to 4.85% continues to affect borrowing costs.
Reporting: ABC News
Background: iTnews
Written by Pick & Scroll News from the reporting and documents linked above.
