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Perth Housing Market Update [Video] – October 2016

Perth dwelling values slipped 3.2% lower over the quarter to take the cumulative decline in values to 10.4% since their December 2014 peak, and 5.2% below the previous peak in 2010.

Perth city skyline at night

The Perth marker dwelling values have been falling consistently, the slowdown in transaction numbers is related to demand, which is evidenced by the higher n umber of homes available for sale, as well as the sharp slowdown in migration rates.

With advertised stock levels close to record highs in Perth and Darwin, buyers now have a lot more choice when selecting a property and can negotiate hard on price.

Perth has consistently been recording the highest vendor discounting rates at just over 8% on average, as well as the longest average selling time at 75 and 84 days on average.

core6

As the spring selling season progresses, CoreLogic is now seeing a rise in newly advertised listing numbers, however, there are fewer newly advertised properties entering the market compared with a year ago across the combined capital cities.

You may also be interested in reading:

Adelaide Housing Market Update [Video] – October 2016

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About

Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au


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