Expect to pay $463k for WA dwellings

The latest real estate figures for WA show a continuing drop in the average price of a dwelling in WA, with Perth dropping 3.8% in the past year which is more than any other state capital in Australia! Houses and units both fell by 4.3% and 1.5% respectively for the year to date. Personally, I've noticed many first home buyers starting to look for houses although I would say they are at very initial stages. Housing credit has increased fractionally while housing affordability remains the worst in Australia, requiring 1.9 annual incomes to service a mortgage in the city. What do these figures mean for you?