Perth Real Estate Lowers in Value
Monday February 23, 2009
As Perth real estate's average price continues to fall and vacant properties begin to rise, more first-home buyers are joining the market.
According to Real Estate Institute of WA president Rob Duitt, there is a 20 per cent rise of houses on the market since 2008 – 16,000 in total – and there has been a 12 per cent slump in median house prices since 2008.
Now, the median price for Perth real estate is down from $500,000 in 2007 to $412,500. This has prompted first-home buyers to contribute to 40 per cent of recent Perth real estate purchases – double the normal amount.
It is advised that this year is not the best time to sell, with the time it takes to sell Perth real estate increasing from 40 to 76 days.
The decrease in house prices is also said to affect the cost of rent. "We expect rents to now level out or even start to peg back," Mr Druitt reported in Perth Now.
