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Perth's four-year housing bust is nothing like what Sydney and Melbourne's property markets face

As house prices continue their downward trajectory on the eastern seaboard, property owners across the Nullarbor are watching on with interest. Perth is more than four years into a housing downturn that is yet to bottom out after median house prices peaked at $585,000 in November 2014, according to Landgate figures. As panicked owner-occupiers and property investors in Sydney and Melbourne try to predict what will happen from here, real estate observers and economists say the WA market may provide…

REIWA reveals Perth’s top 10 fastest-selling suburbs

REIWA has revealed Perth’s 10 fastest-selling suburbs for the 12 months to July 2018. At the same time last year the western suburbs dominated the rankings with eight suburbs in the top 10. Only three of these suburbs have retained a placing, with the northern corridor putting in a strong showing this year.   THE TOP 10   10. Mount Hawthorn  Kicking off the list is Mount Hawthorn. It took sellers approximately 37 days to secure a buyer for their…

Perth rental market improves in August

The Perth rental market continues to show promising signs of improvement, with the vacancy rate falling to 4.5 per cent in August - the lowest it’s been since April 2015.      REIWA President Hayden Groves said the Perth rental market had shown encouraging signs across all key indicators.       “What we are seeing is a steady yet healthy improvement in tenant activity,” Mr Groves said.       “Steady rents, easing supply as listings for rent continue to fall and stronger demand…

Perth houses most affordable on record

The Perth property market is at its most affordable on record as falling prices and slowly rising wages give potential buyers their best chance of securing a home. Housing Industry Association figures show Perth housing is also the most affordable among the nation’s capital cities. The HIA estimated that in the June quarter, the monthly repayment on a median-priced house accounted for less than 27 per cent of the average income. In Sydney, buyers needed twice as much income to…

Perth housing recovery still years away

Perth's housing market decline looks to be slowing, but it will be a long, slow grind before it recovers from a post-mining boom slump, according to experts. Industry analyst and economic forecaster BIS Oxford Economics' recent report points to an overall slowdown in the Australian property market.   Perth's house prices appear to be bottoming out, with the year until June 2018 showing a decline of only 1 per cent, the lowest since the market peaked in 2013/14.   Perth's…

Home buyers borrowing capacity to be cut by 35%

Homebuyers could see their capacity to borrow cut by up to 40 per cent as a result of reforms likely to be driven by the banking royal commission. Research from investment bank UBS found the expected tightening of lending standards and raising of living expense benchmarks would cut credit availability by 21 to 41 per cent, depending on the borrowers' incomes.   Currently, about three-quarters of all home loans are assessed against the "basic" Home Expenditure Measure (HEM) benchmark.  …

Worst over for Perth rental market, REIWA says

After three years of challenging conditions in Perth’s rental market, conditions have stabilised and the outlook looks positive, new REIWA data shows. REIWA president Hayden Groves said that results for the December 2017 quarter suggested that Perth’s rental market officially found its floor in 2017. “After a prolonged period of falling rents, soaring listings and record high vacancy rates, the market has strengthened. The December 2017 quarter results signal a stable market, which is welcome news for landlords and property investors,”…

Days of Boomer and Generation Xers property price rises over

Home values have plunged by up to 25 per cent in real terms across five of Australia's eight capital cities in the past decade, with Perth values most savagely hit, new data has revealed.   A report by analysts CoreLogic applied the latest Consumer Price Index data, which shows the rate of inflation, to national dwelling values over the past 10 years.   It found only Sydney, Melbourne and Hobart had recorded growth in real dwelling values over that period.…