Perth Houses prices Fall by REIA

According to the latest Market facts report by the Real Estate Institute of Australia (REIA), “Perth house prices fallen at nearly four times the national rate.” Over September quarter, houses in the Western Australia capital have fallen by 6.3% to be down 8.2%. Reflecting the unstable of the market, homes sales decreasing by 3.9% and the vacancy rate declining by 0.6%. Investors and Home buyers are not the only one struggling in Perth. Over the year, this is the biggest fall of capital cities and Perth rent increased 2.6%, the largest annual increase of all capital cities. The strength of the rental market with falling vacancy and rising rent suggests consumers are renting in preference to buying.

According to REIA President Pamela Bennett, "the quarterly figures indicate the “has softened slightly”. Ms. Bennett anticipates that this will bring positive results to the economy and for the residential property market by improving the level of activity in the market and the level of first home buyers entering the market. I think the market has starting to cop up all the negative results this year in property market and nest year will be the biggest change in the market and we will find out if the softening of the market will continue next year.