Business News
Home values in Perth have dropped by 1.2 per cent in September, with values dropping at a faster rate than the national average.
Cotality’s latest home value index shows that Perth’s median home price has dipped to $975,022 in September, from $999,987 in August.
This represents the fifth consecutive month of declining values in Perth, with Cotality reporting revisions to its recent data.
According to the property analytics company, Perth’s home values dropped by 1.8 per cent in July and 1.7 per cent in August.
The recent data shows that nationally, home values dipped by 1.1 per cent to a $899,236 median.
But values are falling from a high base.
Nationally, home prices are now 5.2 per cent below their record highs in March this year.
In Perth, home values have dropped by 4.7 per cent in the recent quarter but have increased by 10 per cent in the past 12 months.