Perth Market
Data >>
Perth
is a vibrant and modern city situated on the Swan and Canning rivers, with the
Indian Ocean to the west and the ancient
Darling
Ranges to the east. Perth is well known for its seafood restaurants, surfing
beaches, diving and fishing, canoeing & sailing.
Market Update – March quarter 2009*
|
Perth |
Mar
quarter median
|
%
change
Dec 08 – Mar 09 |
%
change
Mar 08 – Mar 09 |
|
House Price |
$430,000 |
+2.4 |
-7.5 |
|
House Rent |
$370 pw |
0.0 |
+5.7 |
|
Unit
Price |
$348,500 |
+1.9 |
-7.1 |
|
Unit
Rent |
$350 pw |
0.0 |
+9.4 |
|
Vacancy rate |
2.9 |
+0.5 |
+1.5 |
*
This
is the most up to date available - property data is released 3 months after
the end of each quarter.
Source: Real Estate Institute of Australia
Comment:
It is now
clear that Perth’s residential market has peaked after a spectacular run
over recent years. Despite prices recovering slightly in the March quarter,
median house and unit prices have declined by over 7% since the market
peaked in the December quarter of 2007. It would not surprise us if
Perth
prices fell further having almost tripled in recent years. When some pundits
make gross generalizations about falling house prices, Perth is really the
market most vulnerable to that phenomenon.
The upside
is that rents are showing consistent growth. The downside is vacancy rates
have started to edge up, which is no surprise after a sustained period of
rising construction levels, which ran from 2001 through to the first quarter
of 2007.
Yields on houses and units are at typical top of the upturn (low) levels.
Not currently recommended for investment.
Detailed
Market Information:
For more detailed property market information
click here,
or contact Quartile toll free on (02) 9499 4999.
Adelaide
| Brisbane | Canberra
| Cairns
| Gold Coast | Melbourne
| Perth | Sydney
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