House prices in Perth's most sought after suburbs have fallen sharply as the mining downturn rolls on.
The city's prestigious waterfront suburbs have been the hardest hit as the number of dwellings on the market reaches levels not seen since the global financial crisis.
House prices in Perth's most expensive suburb, Peppermint Grove, have fallen 19.4 per cent to $2.9 million in the year to September, the latest Real Estate Institute of Western Australia (REIWA) figures show.
The figures are based on an annual change in the annual median price in the 12 months to September, 2015.
House prices in neighbouring Mosman Park fell 5.4 per cent to $1.32 million on an annual basis while the nearby beachside suburb of Cottesloe recorded a 2.7 per cent decline in its annual median price to $1.8 million.
On a quarterly basis, comparing the September, 2015 quarter median with the September, 2014 quarter median, house prices in the riverside suburb of Mosman Park were 30 per cent lower at $1.01 million while Cottesloe prices declined 14.4 per cent to $1.8 million.
Using this comparison, central Perth prices were 15 per cent lower at $841,000 and the inner city Subiaco council area was down 13.5 per cent to $1.04 million.
Peppermint Grove did not record any sales during the September quarter but there were 12 sales over the year.
REIWA says the median house price in Perth fell 4.2 per cent to $522,133 in the September quarter.
Figures released by CoreLogic RP Data this week show Perth's overall dwelling prices dropped 2.8 per cent in the month of October and 6.1 per cent during 2015.
Property forecaster SQM Research says the total number of residential properties for sale in Perth has jumped five per cent to 25,000 in October.
"That's a sign the market is in a downturn," SQM managing director Louis Christopher told AAP.
SQM predicts Perth prices will continue to fall next year as housing oversupply issues persist in the mining-dependent economy.