Thursday, November 1, 2018

Perth house prices down, units down 20% since 2014

Recent figures released by CoreLogic shows that the Australian property market is the worst that it has been in the last six years. Perth continued to slide with house values dropping 0.8% in October which is a 2.9% drop in the past year to date.

For units, the news is even worse. The drop is 1% in October contributing to a year to date drop of 5.2% and a whopping 20% since 2014! The real estate market has had many things going against them in the past few years, including the recent royal commission into banks leaving them wounded and less likely to lend large sums out. There is also the crackdown on overseas investment into real estate, and the Chinese government targeting funny money being siphoned out of China.

Sydney has seen a drop of 8.4% over the last year and Melbourne has dropped 6.3% in the same time following their stellar performances over the last 10 years. With interest rates going up in the US, there could also be more slowdown here as the risk of interest rates rising here increases, affecting investors' appetite for further investment.

Most Read Posts