According to National Property Report, “Perth is the second most overpriced property market in Australia despite falling down prices and remains more overvalued than even booming Melbourne.”
As we can see, Perth house prices are falling, rents are dropping and sales turnover decreasing. But still there is a new stock coming on the Perth market. It shows that there are many properties on the market in Perth as there are almost the same with Sydney. There are 19,048 properties advertised for sale in Perth and 20, 955 in Sydney. Unemployment levels in Western Australia are increasing as the mining boom ended. It pulled back the housing demand as we have seen many properties on the market.
“Perth prices were yet to catch up with the mining downturn and would experience an “accelerated correction” in the next 12 months. “ SQM Research Managing Director Louis Christopher.