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Resilient WA market as house prices plunge over east

07-Sep-2022
Perth
CoreLogic recently reported the biggest monthly decline in 39 years, with house values falling in major capital cities over east. The biggest falls were measured in Sydney, where prices dropped 2.3%, while Brisbane, Hobart and Canberra fell by approximately 1.7%. But what does this mean for Perth?

Tim Lawless, Founder and Research Director of CoreLogic’s Asia–Pacific research division, declared that Perth has been one of the more resilient capital cities to date, with property values continuing to rise through to the end of July.

“August saw CoreLogic’s measure of Perth dwelling values edge 0.2% lower, following a 25.9% rise in housing values from the COVID trough to the recent peak in July,” he said.

“Other measures of the Perth market remain reasonably strong, with listings still 31% below the five-year average while the number of home sales over the past three months has continued to track at above average levels.”

“Perth is arguably more insulated from a material downturn due to the sheer affordability of housing relative to other capitals, along with strong economic conditions, low unemployment and a positive rate of interstate migration.”

Scott Fletcher, Executive Director at Realmark Urban, stated that he is still seeing strong numbers at home opens in prime areas and a steady number of offers on properties. Enquiry levels are still high, and most properties seem to be selling at the close of Set Date Sales.

“With interest rates set to rise further, we are likely to see some further downwards pressure on housing prices. Therefore, now more than ever, it is important to choose the right agent when selling your property.” he said.

“Here at Realmark Urban, our agents ensure our clients are not undersold with highly effective sales methodologies and innovative marketing campaigns. Our team will leverage our wealth of experience to maximise buyer engagement which will result in the most competitive price for your property."
Perth

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