Monday, March 22, 2010

Mere Puffery? Perth median house prices to reach $1m in 10 years


Australian Property Monitors came out with a staggering claim that the house prices in Perth will increase to $1m  on average in the next ten years, with Peppermint Grove becoming the wealthiest suburb in Australia with a price tag on average of $25m. Is this mere puffery or do you think it will happen? One thing is for sure, the fear is having the desired effect with more people looking for a house in Perth today, based on the traffic to HomeInPerth, with an increase of 160% just today in search queries for Perth houses.

Whilst these reports continue to be circulated, there have also been reports about Perth people the most affected by mortgage shock - a real estate term expressing a high percentage of loan repayment over income. So do you believe the hype or do you think that Australian Price Monitors are acting like cheerleaders for house prices?

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