Auction prices for Perth Houses Drop $120,000

In the first three months of 2009, house prices sold at auctions in Perth have dropped $120,000 which is more than any other capital city in Australia. The average auction sale price fell by 24 per cent to $376,470, according to figures from Australian Property Monitors Group. 
In 2008, it was a 38% drop to $498,591. This is mainly because of the type of houses being sold at auctions and does not reflect on a drop in the VALUE of houses in Perth. Not that much anyway. Auctions included places like Maddington, Armadale, Midland, Balga and Koondoola - suburbs considered to be on the lower end of the Perth market. Perhaps this is also linked to the mortgage stress some people are facing and the fact that auctions are a quick way of gauging property value and even possibly selling it quickly.