The latest housing market results highlight the diversity of housing market conditions, with dwelling values down over the month in Perth (-1.3%).
Perth and Darwin have continued to see dwelling values slip lower over the month, taking the cumulative decline to 10.2% in Perth and 14.5% in Darwin since both markets peaked in 2014.
Dwelling values across Perth dipped again in July falling 1.3% of the month to be 2.1% lower of the year.
Although values edged lower over the month the trend rate of decline has eased during 2017 as the market approaches a floor.
The unit market appears to have already started a recovery across Perth with values 3% higher over the past 12 months and settled unit cells also rising relative to a year ago.
Conditions still favored buyers however advertised stock levels are now reducing which should support some rebalancing between buyers and sellers.
The ease in the rate of decline has been most visible in Perth, providing a signal that the Western Australian capital may be approaching the bottom of the downturn; listing numbers have been falling across Perth which is a positive sign of improving conditions, and transaction numbers have found a new floor at around 2,500 sales per month.
YOU MAY ALSO BE INTERESTED IN READING:
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.