Housing market conditions remain challenging across Perth, with the market remaining in an entrenched downturn since mid-2014.
CoreLogic has released their newest housing market update for March 2019.
Since peaking, Perth dwelling values are down almost 18%, with conditions weakening further over the second half of 2018 and into 2019.
Local labour markets are continuing to show plenty of spare capacity and migration trends remain subdued, although the latest data shows interstate migration rate have improved.
The median house value across Perth is now the lowest of any capital city and housing affordability is the best it has been in a long time.
First home buyers remain an active component of the market, incentivised by affordable housing price as well as rising rents and low mortgage rates.
Overall, despite a strong affordability advantage, it seems that a mix of tight credit and relatively soft economic conditions are continuing to keep a housing market recovery at bay.
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