Wednesday, October 26, 2011

Prices are Down and Rent is up


The figures from September quarter are out now from REIWA showing that house sales in Perth increased by only 1 per cent for the quarter. Median house prices continued to declined by 2.1% and is expected to take the previous quarter median down to $467-470k from $479k which is a hefty drop.
First home buyers like myself apparently increased the proportion of sales in the $400-450k and <$350k markets. Meanwhile, the trend of increasing rents and decreasing house prices continues with the median rent up $15 to $395pw as the vacancy rate dropped to a desperate 2.8%.
So the wait continues for this upward turn in the housing market that experts keep talking about. Until then, my preference is to keep saving for that deposit.

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