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We've Hit The Bottom Of Perth's House Price Slump

Its a buyers market out there...

We've Hit The Bottom Of Perth's House Price Slump

The experts are saying Perth house prices have bottomed out and there are some very good buys available on the market right now.

Underemployment and a slowing of population growth in Perth since the mining boom ended, have contributed to the drop in the median house price, which recently hit $515,000.

But while positive trends in the market may see prices begin to climb next year, industry commentators say there is no need to rush into a purchase.

Real Estate Institute of WA president Hayden Groves said we are seeing positive signs in the rental market too.

"We've had some significant drops in rental prices over the last two and a half years, but that in the last few months has stabilised as well,"

"So whilst we're now sitting at a median rent of about $360 per week that has stopped falling and that's another indicator that the market is certainly at the very bottom of its cycle," he said.