Perth’s property prices continue to slump

I'm not sure what Perth property prices declining for 7 years has to do with a sydney property being more expensive than the chateau

 

Put the link up for the 19 apartments

 

181 Walcott street Mount Lawley WA 6050 - Apartment for Sale #126134378 - realestate.com.au

 

Been looking to buy round Perth, hoping for bargains, but seems like better bargains elsewhere!

That said does anyone know what Lower Chittering is like?

 

Perth hasn't been dropping for 7 years. There was a mini boom around 2014 and prices began to drop after that - so really only dropping for 3 years.

There are some bargains here where prices are back to what they were 10years ago but it depends on what you are looking for

Lower Chittering is outside what the local consider to be the metropolitan area. By Sydney standards it's not but for Perth people it's a lifestyle living location - treechangers ets

 

Thanks, thats interesting, I was under the impression that Perth had been on a bit of a slide sort of since the GFC/mining turn down. When you say some areas are back to where they were 10 yrs ago, presumably that is in nominal terms. Lower Chittering looks about 40 mins drive from Perth centre, is that correct?

 

The GFC hit but Perth actually survived it pretty well - the mining downturn is a recent event from 3 years ago. This is a graph of Perth median price so take it with a grain of salt but it's very interesting for people outside of Perth so see how it's grown over the years and what some of the major events that helped/hindered

https://reiwa.com.au/uploadedfiles/public/content/the_wa_market/house-prices-2013-web.pdf

Some places are back to 2010 prices - depending on the area. High end $2m++ suffered a lot in GFC and has struggled to grow much since. Other places have grown a lot since 2010. There is no blanket statement to cover the health of all of the Perth market.

 

Type a is a nice layout!

 

The Perth market crashed in 2006/2007, mini boom in 2013-14 which I believe started with FBH market, not all markets rose during this time, only certain price points.

Prices have since fallen back across the correction of late 2014. For example my Spearwood development (villas), sold in 2014 highest price $520,000, today you would be lucky to sell these villas at $440-450K. Rents were around $500 pw each, now be lucky to get $430-450 pw.

Problem is charts are way too broad they bundle all areas and product together it wont give a true/accurate indication on what is actually happening in the Perth market.

What suburbs are rising in Perth at the moment, product??

I don't know if the market has bottomed but I don't think it will get worse because properties are selling, though still price sensitive.

MTR

 

She was an interior designer and studied architecture, its her passion, she designed these. Helps that you have this background

 

Nice

 

This was her first reno, cut her teeth on this, paid I think around $1.1M, place the property on the market the day the share market crashed in 2008 GFC, a little dated now.

she sold it for $3.05M, and then I think it got resold a few years later for around $2.4M?

You can see how hard this market got hit.... ouch, It will still only be worth around $2.4-2.5M today.

25 Almondbury Road, Mount Lawley, WA 6050 - Property Details

 

Wow...even mere mortal from Sydney can afford these places....

 

Y

Yes, but Sydney are crape in the cricket.
Even Hobart are better than them.

 

Didn't you read the post by @Ald.. Perth will do 20% in 12 months, maybe less than 12 months if summer arrives early.

 

R..RRr..RRR.eccess...iionn....thar I said it..............

 

We've had 100mm of rain today - no summer

 

@Perthguy

 

Aw c'mon