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Housing affordability increases in Perth

AAP logoAAP 5/08/2016 Rebecca Gredley

Housing affordability is improving in Perth, with median house prices decreasing 1.4 per cent in the June quarter.

The retreat takes Perth's median house price to $522,500 while the median price for units was $406,000 in the same quarter.

Real Estate Institute of WA president Hayden Groves said that home ownership in WA was still accessible, with transfer duty exemptions for first home buyers.

"Across the country, particularly in the Sydney and Melbourne metropolitan markets, first home buyers have found it increasingly difficult to secure their first home as prices continue to rise," he said.

The majority of transactions in Perth's first home buyer market were in the $350,000 to $550,000 range.

The number of properties for sale in the Perth metro area dropped by 7.3 per cent to 14,159 in the March quarter.

Mr Groves said it was pleasing to see signs of stability with listing numbers declining in the three months to June.

House and unit median rent prices dropped $10 each over the quarter to $395 and $365 per week respectively.

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