The CoreLogic Hedonic Home Value Index, released last Tuesday, shows property values in Perth were unchanged last month, resulting in an annual fall of 2.3% for the western capital.
The drop is the third biggest annual decline of all Australian capital cities â behind Darwin at 7.7% and Sydney at 3.4%.
But CoreLogic says there are signs of promise with Perth the only capital city to see an improvement in annual growth conditions compared to a year ago. The rate of decline slowed from 3% to 2.3% in the past 12 months.
Across the board, capital city dwelling values were 0.3% lower over the month of April, driven by larger falls of -0.4% in Sydney and Melbourne and a smaller decline in Brisbane values (-0.1%). The falls were offset by flat conditions in Perth and subtle rises in Adelaide (+0.1%), Darwin and Canberra (both +0.6%).
The median dwelling value in Perth is now $464,238, with houses sitting at $487,992 and units at $400,717.
CoreLogic head of research Tim Lawless says the latest statistics showed a reversal of long-term trends.
At a macro level, the latest trends are virtually the opposite of what we have become used to over the past five or so years, -Lawless says.
Regional areas are now outperforming the capitals and units are outperforming houses. Also the most expensive properties are now showing weaker conditions than the more affordable ones.
Lawless says affordable housing stock has also proven more resilient to drops in property values, while more expensive properties had experienced falls.
He says while values are trending lower nationally, the rate of decline remains moderate.