Friday, July 1, 2016

Perth 7.4% House Price Decline in 18 months

If you have been listening to the real estate agents, you would be thinking that the house prices are about to go back up again. Unfortunately, the last 18 month has seen a 7.4% drop in house prices in Perth. We are the worst performing market in Australia.

Over six months, house prices have dropped 4.7%, and 7.4% in the last 12 months. The closest market to Perth is Darwin but they have only dropped 1.1%. How's the east coast doing? Sydney is up 11.3% and Melbourne is up 11.5% over the last year. The vacancy rate is sitting at 4.7%, also the worst in the country.

15% of Perth Houses Selling at Loss

Compared to last year, two times more apartments and three times more houses have sold at a loss this year according to CoreLogic RP Data. 23% of apartments and almost 15% of houses sold at a loss in Perth compared to 11.7% and 5.1% last year indicating that the pressure is increasing on people to liquidate. Most of these houses and apartments were held for about 5 years when the mining boom was at its highest.

For those looking for a home in Perth, the time could be right to make an offer.

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