Guest The Pom Queen Posted September 16, 2017 Share Posted September 16, 2017 Perth’s property prices have dipped more than 10 per cent in the past three years, but a new report suggests evidence of some relief with the rate of decline abating. The latest CoreLogic Hedonic Home Value Index shows house values in Perth have fallen by 2.6% so far this year, making it the worst performing capital in Australia. In August, Perth property prices dropped 0.8%, compared to the 1.3% decline in July. House prices suffered a 0.9% drop, while unit prices fell by 0.6%, bringing the median property price in Perth to $462,927. In August, Perth property prices dropped 0.8%, compared to the 1.3% decline in July. Picture: Getty Images August property data showed Perth and Darwin continued to endure declining dwelling values, which had trended lower over the past month and rolling quarter. “However, the annual trend highlights the rate of decline has been easing,” the report says. “Since peaking in 2014, Perth dwelling values have declined by a total of 10.8%, while the cumulative decline across Darwin has been more severe with values down 18.6% from the market peak.” CoreLogic head of research Tim Lawless says despite lagging property values in Perth, it was still one of the most affordable markets in the country. “The silver lining around the decline in values is a substantial improvement in affordability,” Lawless says. On Tuesday, WA Housing Minister Peter Tinley told a Committee for Economic Development Australia that lower-income earners were still being priced out of the Perth property market, despite softening values. Tinley said Perth’s shortage of affordable housing, coupled with stagnant wage growth and the high cost of living had contributed to low-income earners being unable to realise the great Australian dream of home ownership. CoreLogic says national dwelling values remained flat during August, with capital city values edging 0.1% higher. Simultaneously, regional dwelling values slipped 0.2% lower. The report says the slowdown in growth has been most visible in Sydney, while the Melbourne market has been more resilient with auction rates consistently above 70%. Quote Link to comment Share on other sites More sharing options...
newjez Posted September 16, 2017 Share Posted September 16, 2017 I agree Perth seems to have reached base line. But, what is there to drive prices up. It's a bit no hum. Maybe after 2020. Quote Link to comment Share on other sites More sharing options...
benj1980 Posted September 17, 2017 Share Posted September 17, 2017 Well thousands of mining jobs are opening up so that will probably help... Quote Link to comment Share on other sites More sharing options...
Guest263228 Posted September 17, 2017 Share Posted September 17, 2017 Fake news entirely. As even the article says house prices continue to fall even if at a reduced rate. The media, through vested interests have been for a few months now attempting to 'talk up' what remains, and will continue to remain for the foreseeable future a very weak market. While mining will endure rises and falls, the time of requiring thousands of workers, as was the case during the construction phase is well and truly over. Perth hotel occupancy, a fairly good indication to the business side of things is running way below capacity and tourism is being sought to solve the problem, something not cared about when businessmen connected to mining paid excessive amounts just a few years back to stay in Perth. Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 17, 2017 Share Posted September 17, 2017 1 hour ago, Pura Vida said: Fake news entirely. As even the article says house prices continue to fall even if at a reduced rate. The media, through vested interests have been for a few months now attempting to 'talk up' what remains, and will continue to remain for the foreseeable future a very weak market. While mining will endure rises and falls, the time of requiring thousands of workers, as was the case during the construction phase is well and truly over. Perth hotel occupancy, a fairly good indication to the business side of things is running way below capacity and tourism is being sought to solve the problem, something not cared about when businessmen connected to mining paid excessive amounts just a few years back to stay in Perth. Just because you don't agree with the author doesn't make it fake news. Quote Link to comment Share on other sites More sharing options...
newjez Posted September 17, 2017 Share Posted September 17, 2017 7 hours ago, benj1980 said: Well thousands of mining jobs are opening up so that will probably help... https://thewest.com.au/news/wa/boom-in-jobs-as-resources-takes-off-ng-b88600672z Swings and roundabouts, but generally positive. Still, I would be surprised to see upward pressure before 2020. These things take time. Quote Link to comment Share on other sites More sharing options...
s713 Posted September 20, 2017 Share Posted September 20, 2017 Mate is a recruitment consultant and he reckons 2018 is going to be a good one. I'm not as confident as him but I can't see things getting worse, put it that way. Quote Link to comment Share on other sites More sharing options...
newjez Posted September 20, 2017 Share Posted September 20, 2017 1 hour ago, s713 said: Mate is a recruitment consultant and he reckons 2018 is going to be a good one. I'm not as confident as him but I can't see things getting worse, put it that way. Things always take longer than you think. But I think you are right. Perth seems to have bottomed. Quote Link to comment Share on other sites More sharing options...
benj1980 Posted September 21, 2017 Share Posted September 21, 2017 There seems to be less Jet skis for sale is that a good indication? 1 1 Quote Link to comment Share on other sites More sharing options...
Guest Posted September 25, 2017 Share Posted September 25, 2017 On 17/09/2017 at 20:29, Pura Vida said: Fake news entirely. As even the article says house prices continue to fall even if at a reduced rate. The media, through vested interests have been for a few months now attempting to 'talk up' what remains, and will continue to remain for the foreseeable future a very weak market. While mining will endure rises and falls, the time of requiring thousands of workers, as was the case during the construction phase is well and truly over. Perth hotel occupancy, a fairly good indication to the business side of things is running way below capacity and tourism is being sought to solve the problem, something not cared about when businessmen connected to mining paid excessive amounts just a few years back to stay in Perth. Such a negative Nelly Quote Link to comment Share on other sites More sharing options...
Guest263228 Posted October 2, 2017 Share Posted October 2, 2017 On 25/09/2017 at 23:57, Sunset said: Such a negative Nelly On the money I'm afraid. Quite possibly something you and others don't want to hear, but doesn't make it any the less truer. Those in denial of course, endanger prolonging the state of affairs by playing along with it . Quote Link to comment Share on other sites More sharing options...
Guest263228 Posted October 2, 2017 Share Posted October 2, 2017 On 21/09/2017 at 18:48, benj1980 said: There seems to be less Jet skis for sale is that a good indication? Who knows? Could be less money to buy them? Spending is being reigned in. When they start to talk of a tourist led revival , away from resources and housing you can be assured there are problems. Costs are too high for any tourist led salvation in WA. Quote Link to comment Share on other sites More sharing options...
benj1980 Posted October 3, 2017 Share Posted October 3, 2017 I have to say I have seen reports that we are aiming to boost tourism income but there's definitely an increase in mining employment. I ignore estate agents telling me things are on the up! Quote Link to comment Share on other sites More sharing options...
Guest263228 Posted October 3, 2017 Share Posted October 3, 2017 Mining activity is up but there will unlikely be the need for large numbers of workers. Just back from a week in Albany and the facility we stayed at down there was fully booked every night. Mostly by short stay visitors taking a few days away from the Big Smoke. It was school holidays though so hard to say what winter was like with bookings. I know places there that offer pensioner discounts during lean periods taking coach loads of folk. WA and Perth in particular have seen declining eastern states arrivals though. Our share of the international market is low as well. We are not yet increasing our Chinese numbers to the extent of other states, but a push is on. Quote Link to comment Share on other sites More sharing options...
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