New data from the Real Estate Institute of WA (REIWA) shows that the median house sale price in Perth could reach $1 million by the end of the year despite a softening in the market.

Median house sale prices in the March quarter grew by 5.3 per cent and increased by a further 4.2 per cent in the June quarter according to preliminary data.

REIWA president Suzanne Brown said there was a clear change to the property market in the June quarter.

“We saw new listings return to longer-term averages. Demand eased, with both investors and first home buyers taking a step back following the Federal Budget. I also believe some buyers are waiting to see what happens in August and September with interest rates,” she said.