Perth's house
prices fall yet again
24 July 2011
HOUSE prices in Perth have
dropped 2 per cent, marking the longest stretch of
consecutive monthly falls since the global financial
crisis.
According to preliminary data from the Real Estate
Institute of WA, the Perth housing market has
experienced its fifteenth successive month of house
value declines, with a 2 per cent fall in the June
quarter.
Once final sales data is
collected, REIWA expects Perth’s median house price to
settle at $475,000, a level not seen since December
2007.
President Alan Bourke said the 15
months of house price falls was a longer period of price
retraction than was experienced in 2008, when prices
pulled back for only one year.
“The big
difference is that in 2008 the median fell by 12 per
cent, whereas the last 12 months of decline has been
half that rate at 6 per cent,” he said.
“So, although the fall in median price has been over a
longer period the actual fall in price has been more
gradual since the median peaked at $505,000 in March
2010.”
Mr Bourke said that according to
the initial data, there was increased sales activity in
the $350,000 to $500,000 range, with activity in other
price segments falling.
“It’s notable, though, that sales
over $1 million remain quite stable and that premium
property is holding up,” said Mr Bourke, adding that
turnover for units, villas and townhouses had been
stronger in the June quarter as compared to the previous
quarter.
Source perthnow.com.au
- Rebecca
Lawson
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From:
Daily Mail
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July 21, 2011
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