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?

REIWA real facts of last week Perth Housing Market

Here are some statistics from the Real Estate Institute of WA on home sales last week.

Last Week 770

4 weeks ago^ 565

Same week last year 849

# Contract Sales reported by REIWA members

^May have changed due to sales falling through

Top Selling Suburbs

North of the River

Ellenbrook 16

Nollamara 14

Morley 13

Scarborough 11

Yokine 9

South of the River

Canning Vale 15

Thornlie 12

Belmont 9

Como 9

South Perth 9

Properties listed for Sale

Total* 15 778

Houses 10 270

Units 3 069

Land 2 439

*Listed on reiwa.com and other sources

3 months to December 2010

Average Selling Days 71

Average discount* 6.3%

*Difference between original listing and selling price

Perth 'severely unaffordable'

Catching up on some of the news recently regarding the Perth Real Estate market, experts are tipping that 2011 will be another year of flat line growth. 
Yet another article has been talking recently about how unaffordable Perth has become, describing our lovely city as 'severely unaffordable'.

Perth is the most affordable state capital in Australia, but compared to 324 other cities worldwide it's not doing so well, according to a new international survey.

The report by anti-regulation researcher Demographia on six English-speaking countries and Hong Kong rated Perth the 35th least affordable of 325 cities surveyed.

It rated cities based on how many times the median house price was greater than gross annual median income.

read more of it here.