House prices slump in Rockingham area

New data released by the Real Estate Institute of Western Australia has shown house prices across the vast majority of suburbs in Rockingham have fallen, with only Secret Harbour and Warnbro showing signs of growth in the year to May 2016.

Growth in Secret Harbour was up one per cent, with the median house price up to $482,500 from $477,500 in 2015.

Warnbro’s growth was slightly smaller, seeing a 0.5 per cent increase, putting the median house price at $381,000, up from $379,000 in 2015.

All other suburbs had decreases, with Waikiki in particular seeing a sharp decline in prices.

Growth in Waikiki was down 7.9 per cent, with the median house price dropping to $381,000 from $410,000 in 2015.

Rockingham’s growth was down 2.2 per cent, with the average price at $435,000, while Baldivis’ growth also dropped 2.5 per cent, with the median price sitting at $450,000.

REIWA president Hayden Groves acknowledged the Perth property market faced challenges in the past couple of years.

“Although Perth’s property market has moderated over the last year or two, it’s encouraging for homeowners that there are pockets throughout the metro area that have performed well and enjoyed positive growth in complex market conditions,” he said.

Data for Kwinana also mirrored the trends seen in Rockingham, with Casuarina the only suburb showing growth.

Mandurah’s suburbs were more divided with San Remo, Silver Sands, Dudley Park, Greenfields and Erskine all experiencing growth, while Halls Head, Mandurah, Falcon, Madora Bay and Meadow Springs all slumped.

San Remo’s growth was the largest in Mandurah, up 10.4 per cent, with the median house price sitting at $557,500.

REIWA data showed the medium house price across the entire Perth metro area was down 2.7 per cent, with the average price sitting at $535,000.

“The bulk of Perth’s house price growth was experienced in the central sub-region, and there were some good performers in the north-west sub-region as well,” Mr Groves said.

“Pleasingly these high growth suburbs are all within the trade-up sector, rather than first home-buyer territory.

“This shows that more home- owners are recognising there is plenty of opportunity in the current real estate market to take their next step.”