Perth Property Prices Reflecting Economic Downturn
Thursday April 2, 2009
Perth property prices are the second most expensive in Australia however prices are still dropping.
The average property prices for Perth fell by 1 per cent at the end of February to $466,900 according to the RP Data-Rismark national property value indices that determine averages using an automated system that values Australian property every week.
Prices have fallen in Brisbane down 2.2 per cent, Adelaide prices fell 1.3 per cent and Canberra dropped 1.8 per cent.
On the other hand, Sydney's property prices rose 0.5 per cent for three months to February, Melbourne prices also increased to 1.9 per cent and Darwin prices lifted to 6.1 per cent.
RP Data senior research analyst Cameron Kusher said Rudd';s stimulus package was pushing more buyers into the market after it doubled the first home owner's grant from $7,000 to $14,000.
"The first homebuyers grant has been a very successful initiative and you can see that by how many first home buyers are out there getting finance commitments," Mr Kusher told AAP.
If you would like more information you can visit Perth Real Estate.
