Nowadays, Perth’s median house price continues to tumble and house prices fall considerably last June quarter. In Addition to these, properties were on the market for a long time before it sold compared last year with 58 days. Having a slow economy and declining population growth are factors that affect the price fall. Will Perth market continue to slow down? Or still have hope for a recovery soon?
According to Senior Research Analyst at BIS Shrapnel, Angie Zigomanis, “I expect more downside to the Perth market; it’s too early to get back in. Perth’s recovery is looking like two to three years away from now.”
Based on the data, Perth’s median house price has fallen and this is the second highest in the country at $513,000.Expert believes that the recovery is a long way to wait and the downturn continues to worsen. Government is likely to be blamed of the scenario and the mining coming off affects the weak market. Due to downturn, people wanting to sell their homes with correct price. The overall median rent has now dropped with 4.4% vacancy rate. However, there are some areas are defying the downturn, when these areas potentially created, it will be the way of creating new opportunities like employment, attracts more investors and other related excellent opportunities that helps the market recover.