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Median apartment prices falling in Perth

The median price of apartments in Perth appears to be falling.

The average price of an apartment in Perth appears to be on the decline, according to new figures from the Real Estate Institute of Western Australia (REIWA).

According to its property results for the September Quarter, the price of units has been on the decline both in the city of Perth and the more rural areas of Western Australia. It noticed a $4,000 drop in the median price of apartments to $421,000 in the city and $306,000 in the countryside.

Similarly, RP Data noted that house prices had fallen by 0.2 per cent in Perth during October. This suggests that the high growth in property prices that the city had seen two months ago could be reversing. RP Data said that two months ago Perth had seen the highest in house prices over the last 12 months out of all of Australia's capital cities at 9.4 per cent.

Posted by Craig Francis

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