Australian Housing Downturn
Home Value Index results, reveals national dwelling values are falling at their fastest annual rate since 2012.
West Australian Housing Downturn
WA’s housing downturn has been a slow burn for nearly 5 years with the “pandemic’ making things slow down to an near stall in 2020. But some suburbs have bucked the trend with some surprising results. [REIWA data based]
See here Perth suburb Price Data
House prices are now below their peak than five years ago.
West Australian home prices fell sharply in 2020, recording the largest monthly fall in nearly seven years
Prices fell in a majority of capitals, and in regional centres.
National declines were led by falls in Melbourne and Sydney
The best performing suburbs were property development driven or due to urbanization, gentrification, restorations.
Experts expect prices will continue to fall in the second half of the year for existing older aging homes. With a continued push for land & new homes being built into 2021.
The weakness is being driven by declines in Perth migration of new residents for 2017-2020 which has been at its lowest for decades. Couple this with the lockdowns, boarder closures, world-wide situation of COVID19 it has been devastating for all industries which has in turn flattened the local property market.
Prices fell in all of Australia’s eight capital cities, as well as regional areas. There is hope in the WA state government initiatives to stimulate property purchases with building, land, developments.
MRES is offering a FEASIBILTY REPORT for any property owner wanting to see the potential VALUE of the private property.
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