Join Australia's most dynamic and respected property investment community

Perth housing and unit prices slump

Discussion in 'Property Market Economics' started by cashnow, 1st Aug, 2015.

  1. cashnow

    cashnow Active Member

    Joined:
    21st Jun, 2015
    Posts:
    40
    Location:
    Compton
    R377 likes this.
  2. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,497
    Location:
    Perth, Melbourne, USA
    Market has fallen back. Some markets doing better than others, a mixed bag
    Just sitting back watching.
     
    Arnel likes this.
  3. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    Yeah, a mixed bag. Noticable in some areas, but not so in others.

    Certainly interesting typing in a suburb into Domain, and bringing up the map. Seeing how many properties are on the market. Now compared to the 7or8,000 days.

    Havent seen an update recently on weekly sales/listing reports.

    Blacky
     
  4. cashnow

    cashnow Active Member

    Joined:
    21st Jun, 2015
    Posts:
    40
    Location:
    Compton
    [​IMG]
     
    Arnel and Blacky like this.
  5. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    Thanks @cashnow.
    Interesting to see we are pushing the 13,000mark. This must be steadily trending upwards?

    Also interesting to see vacancy rates pushing 5%. I would assume that as the listings increase,
    the vacancies would decrease. Though the two may not be linked (new stock on market?).

    Sitting back and watching for a bit longer...

    Blacky
     
  6. sanj

    sanj Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    2,158
    Location:
    Perth
    Not unless population growth is slowing at the same time a fair bit of supply is coming on the market and imo we're seeing a bit of that now.

    Some decent opportunities starting to appear, definitely inner city top end is looking like pretty good value for owner occupiers or those wanting to hold a few years at least
     
    charttv likes this.
  7. Till Kingdom Come

    Till Kingdom Come Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    129
    Location:
    Aussie Aussie Aussie Oi Oi Oi
    it's all good according to the premier. it's a bright future awaiting the state. :rolleyes:
     
  8. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    I am sure it is.. for the state govt.
    As some of the recent mega projects start to turn the taps on and generate income the tax/royalty/GST bonanza will start to fill the state coffers.
    The economy will be sluggish, but state revenue will have a decent kick in the pants.

    Blacky
     
    charttv likes this.
  9. MTR

    MTR Well-Known Member Premium Member

    Joined:
    19th Jun, 2015
    Posts:
    7,497
    Location:
    Perth, Melbourne, USA
    Not surprising North West got hammered, Karratha leads tumble 32%, median $440,000, which represents a 10.5% average annual fall for the last 5 years. According to REIWA, in West this morning.

    Lots of pain

    MTR
     
    Blacky likes this.
  10. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    Well, who would of thought that bubble would ever burst?
     
    charttv likes this.
  11. Till Kingdom Come

    Till Kingdom Come Well-Known Member

    Joined:
    23rd Jul, 2015
    Posts:
    129
    Location:
    Aussie Aussie Aussie Oi Oi Oi
    That's the sort of thing APRA and RBA don't want to happen nationwide.

    A Perth-style financial risk blowing up that could lead to recession.
     
  12. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    You know Perth and Karratha are two different places right? and not dependent on each other ?
     
  13. Rumplestiltskin

    Rumplestiltskin Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    402
    Location:
    Perth
    Don't know about that.
    Karratha is a pretty good barometer for what's likely to happen in the west. but maybe not to the same extent in terms of percentage drops.
     
  14. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    on what basis?
     
  15. mrdobalina

    mrdobalina Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    990
    Location:
    On the ski slopes
    mcarthur, Jess Peletier and MTR like this.
  16. Rumplestiltskin

    Rumplestiltskin Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    402
    Location:
    Perth
    First of all Karratha isn't a town, it's a city.
    Secondly, it's not just a mining city.
    Third, it produces around 40% of the nations export income.

    I would say it will be a good guide to what will happen in the west, without quite the extreme percentage drops.
     
  17. mrdobalina

    mrdobalina Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    990
    Location:
    On the ski slopes
    What does Karratha produce that constitutes 40% of the nation's export income?
     
  18. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    1,104
    Location:
    Bali
    Um? you sure?
    http://www.economicprofile.com.au/pilbara/economy/regional-exports

    Pilbara region produces about 25% of the nations mineral exports.
    Karratha itself about 5%.

    Overall the Pilbara Region produces about 10% of the nations exports.

    If I am wrong I will stand corrected.

    Karratha didn't boom because of mining exports. If anything Karratha's (or at least the Pilbara's) exports are getting ready to expand. As Gorgon comes online late next year/into 2017 the export of gas will increase. Wheatstone is a way away yet. Im not sure on the other mega/major projects in the region - I don't watch it.

    Karratha bubbled due to the construction of Gorgon. In reality it increased the working population by what - maybe 50,000? It was always going to be a short term project, with significant peak - and a return to the new normal.

    Perth will feel some heat from it. Don't get me wrong, I think Perth is in for some economic slow down. I just don't think Karratha is as significant.

    Karratha may be a city in name - but in name only. Its population is barely 25,000 ppl.

    Blacky
     
  19. mrdobalina

    mrdobalina Well-Known Member

    Joined:
    22nd Jun, 2015
    Posts:
    990
    Location:
    On the ski slopes
    +1
    "Karratha" itself produces very little. It is used as a hub for the surrounding resources sector. The "City of Karratha", which was formally known as the Shire of Roeburne, encompasses pretty much the while Pilbara region, and includes the iron ore sector and North West Shelf.

    That's like trying to describe the economics of New York City and New York State in the same breath.
     
  20. bob shovel

    bob shovel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    5,393
    Location:
    Somewhere in the land of Oz