Perth property prices continue downward slide

Home loans customers considering purchasing a property in Perth may find they can get more for their money at the moment as the cost of abodes in the city fell in the second quarter of 2011.

According to preliminary figures from the Real Estate Institute of Western Australia (REIWA), this is the 15th consecutive month in which the median has declined, reports the Daily Mail.

The latest data indicated that the median price of a home in the region dropped by two per cent.

President of the REIWA Alan Bourke commented: "Although the fall in median price has been over a longer period the actual fall in price has been more gradual since the median peaked at $505,000 in March 2010."

The REIWA expects that once all the figures are in, the median cost of a residence in Perth will have fallen to $475,000, which is similar to the level seen in December 2007.

Despite this, recent figures from the Economist's Intelligence Unit indicated that Perth is the 13th most expensive city in the world to live in.

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