How many more years of pain for the Perth market?

I found it interesting. Thank you for posting.

 

Another article (since the last one was so well received)

Perth house price drop coming to an end, Sydney stalls

Is Perth’s house price slide finally going to end?

 

I hope so!

Thanks for posting.

 

I do like the information coming out of this article Scaphella and there is a buzz around Perth at the moment but anything with a "Today Tonight" clip attached to it comes with no credibility.

 

Well if core logic stats are crap then what do you rely on?

 

Perth Weekly Sales & Rental Figures Snapshot|17 October 2017

Currently their are 11% less listings than last year, it’s a slow but positive decline for the rental market in Perth.

 

For some 'on the ground' intel, I'm getting more enquiry from Perth people at the moment as a % than I have at any point in the last 3 years. So I think that's positive. It's home buyers and investors, about an even split.

 

I think thinks may be improving, but the reality is the market is most definitely price sensitive, if you get this wrong it just wont sell. Buyers have choice, this is my observation at the moment.

 

The stats have been encouraging for the last couple of months (decline in supply of rental properties and properties for sale), but it will take time for this to start making a significant impact on the market. I haven't noticed much difference just yet.

 

I'm curious, post-mining boom, what demographic is the main driver of immigration to Perth?

A lot of younger people I know aspire to head to Sydney or Melbourne. Retirees might have Brisbane / GC / Sunshine Coast on their minds. New immigrants, Sydney is the only city that exists.

 

That is very East coast thinking - and I mean no offense - I'll answer that as someone from Perth. The basis is lifestyle, weather and beaches but there is also plenty of professional reasons to live here too.

We actually have all those appealing things here in Perth - just on a smaller scale - people will stay here as there is the head office of just about every company that a young person might aspire too (ie big 4 accounting firms etc)

Many of our newer immigrants are from UK (and Europe). They come here for the beaches and the weather. The others are from Asia who come here for University then convert to resident.

Retirees stay here, we have everything that QLD has to offer but people can stay with their families in the same state.

 

Given that most of the population is from the east coast, I think my east coast mindset is actually very much The point when talking about migration!

But thanks for that insight.

 

I may have misunderstood your post on reading it again as I assumed international migration not internal interstate

 

Oh I meant both, but I'd have to think most of the migration is internal? The only person I've ever known to head that way was a friend who's family was from there. I don't actually know anyone who's gone over there for non-mining reasons that didn't have family ties. So I was just curious why and how people end up there

 

I moved here because it was hot.

 

What’s it like anyway, I imagine a lot like Brisbane?

 

I love where I live, and the beaches are great. I also love Qld, I'd happily live in either state - the main thing I dislike about WA is that it's so remote. I'd like to have other major cities a bit more accessible. But it's not a big deal generally - we just go to Bali instead.

 

A lot of people move here from the UK and Ireland. They are chasing the fantastic climate and move to Perth because of that and because they have friends who have moved here.

 

Yep, this is very true.

 

We also get a lot of South Africans. Similar climate, easy (direct flight) 'home' and still relatively affordable.

The brits I know love it in Perth. Similar culture to the UK (sport obsessed drinkers), with the added benefit of good weather 90% of the year, and beaches which are accessible. They can sell their home in the UK, multiply their GBP when they convert to AUD, have a decent HOUSE close the beach and still within 45-1hr from the city for work.

I remember a while ago reading a suburb profile on the northern 'beach' suburbs which said that population was about 60% immigrants - the majority being Britts and SAffers.
Us 'perthites' frown at the northern (and southern) beach 'burbs. SOOOO far from the city, why would you? Foreigners look at a 1hr commute as 'normal' and love being SOOO close to the beach!

Blacky