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Sellers dropping prices as listings jump

Fresh data by the Real Estate Institute of Western Australia has confirmed a downward trend in median prices for Perth.

After reaching a high of $500,000 in June, REIWA data is now showing that in the three months to September, the median price dropped by 4 per cent to $480,000.

The fall in median price can be attributed to an increase in the proportion of sales in the $300-$400,000 range and a fall in activity in the $750,000 to $1 Million range.

Alan Bourke, REIWA President said the large number of properties on the market was creating competition between sellers who were dropping prices in many areas to secure a faster sale.

“The number of properties on the market has steadily increased over the last year and has now reached 16,000, the highest level since December 2008. While listings have increased across the board, there have been notable increases for real estate in Melville (26 per cent), Stirling East (21 per cent), Swan (19 per cent), and north-east Wanneroo along with Bayswater-Bassendean, both 17 per cent.

“As a result, the number of sellers prepared to drop their original asking price has increased from 60 to 67 per cent, with the average discount now being 6 per cent off the advertised price,” Mr Bourke said.

Mr Bourke said a number of localities are above these average figures with the proportion of sellers discounting being higher in western suburbs (84 per cent), Rockingham-Kwinana (80 per cent), Armadale-Serpentine (77 per cent), Hills (72 per cent), Canning and South Perth-Victoria Park (70 per cent.)

“We have also seen increased sales in the lower price ranges, with increased turnover in the local government areas of Canning, Gosnells, Kwinana and Rockingham.

“There is noticeably less discounting going on in the stronger selling areas of Canning (5.2 per cent) and Gosnells (5.3 per cent) and the southern area of Wanneroo (5.2 per cent), while Fremantle is seeing a greater drop of 8.8 per cent, Western Suburbs 8.2 per cent and Melville 7.4 per cent.” Mr Bourke said.

There were fewer people discounting real estate in Wanneroo (53 per cent), Joondalup South (54 per cent) and Bayswater-Bassendean (55 per cent).

Mr Bourke said that while the average number of selling days had dropped from 66 to 63, the market remains sluggish.

“Turnover in the September quarter is down by about 25 per cent on the long term average which is obviously contributing to the build-up of properties for sale,” Mr Bourke said.

To search for median real estate sale prices for every Perth suburb, including real estate in Subiaco, Bateman and Cottesloe, please visit the reiwa.com.au web site.