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Western Australia's property market receives a gentle correction

Median house prices are down for the fifth consecutive quarter in Western Australia, dropping by as much as 26 per cent over the last three months.

But according to a report released by the Real Estate Intitute of Western Australia (REIWA), this is a gentle correction, as house prices are now in line with what the market experienced before the big drop in real estate prices back in 2007.

Institute president Alan Bourke said that the slow slump will probably settle down over the next few months, with median house prices falling no lower than two per cent at $475,000.

He also took pains to point out that this correction mainly applied to the part of the market that dealt with houses, leaving other residential property prices relatively untouched.

"We have seen no change in unit, villa and townhouse prices which remain steady at a median of $405,000," said Mr Bourke.

To professionals with property management training, this could mean that that residential housing becomes more interesting to potential landlords.

But Mr Bourke was quick to caution residential landowners from trying to offload properties on a market that still lacked confidence.

He asserted: "It's critical that sellers are patient with the process and realistic about price."

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