Perth strikes Sydney in Housing Market

by joy.manginsay 20. March 2012 17:48

According to RESIDEX, Perth is exhibiting an increase in sales activity, but only at 15% of the sales activity occurring in Sydney and Brisbane. The housing market remained in neutral in February, with Perth the standout market.” Perth house prices appreciated by February and Melbourne house prices have depreciated and the weakest performing capital. Please refer the data below for the February Houses result of RESIDEX:

Median Price                    Change Over Feb.

  • Sydney          $657,000                        +1.35%
  • Melbourne     $ 558,500                        -1.02%
  • Perth             $ 468,500                       +2.32%
  • Brisbane        $ 422,500                        -1.12%
  • Adelaide        $ 387,500                        -1.22%

According to CEO John Edwards, “does not share this gloomy outlook, predicting that housing market is about three plus months away from any Australia-wide pick-up.” Australians are surely likely to pay the debt rather than to borrow funds for home purchasing. Australia’s major banks have been forced to pass RBA to increase mortgage rates because last January, new home sales drop 7.3% in capital city.

 

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