Perth House Prices Bottom Out

The slide in Perth house prices is continuing but showing signs of finally culminating as concerns grow that the Sydney market has stagnated.

According to CoreLogic, figure show values of Perth houses fell by 0.1 per cent through September.

Over the past three quarters, values slipped by 1.6 per cent while over the past 12 months they have edged down by 2.9 per cent.

The units market is more fruitful with values up by 0.8 per cent to be 0.3 per cent stronger through the past three months.

Over the past year, however, values are down by 2.7 per cent.

CoreLogic head of research Tim Lawless said despite the further drop in Perth values the city looked to have gone through the bottom of the price cycle.

It’s different circumstances in Sydney where the median house values sits at more than $1 million.

Values slid down 0.3 per cent in September to be off by 0.2 per cent over the past three months.

In a sign of how prevalent Sydney had been earlier in the year, the annual growth rate was still 11 per cent.

Hobart has replaced Sydney as the nation’s strongest market with values there up by 2.1 per cent in the month to be 15 per cent higher over the past year.

And in Melbourne values there for houses increased by 0.8 per cent to be 13 per cent higher over the year.

CoreLogic said it appeared tighter restrictions on investors, including higher interest rates and tighter standards, were biting.

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Belinda (ex- Macquarie Bank) is an accredited Finance Broker and holds a bachelor of Communications (minor in Business). She has accumulated over 10 years of banking and lending experience across credit, sales and senior manager roles. Belinda combines her passions of finance, business, property and people to provide an enriched client experience and takes the time to investigate and understand what is required for each of her clients.
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