Perth properties continue decline
By
Adam Smith
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22/07/2011 2:00:00 AM
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Perth properties have experienced 15 consecutive months of price decline, the REIWA has said.
New data from the organisation shows that property values in Perth fell by 2% in the June quarter, tallying their fifth quarter of declines. REIWA president Alan Bourke said the current value decline has lasted longer than the one-year fall in Perth property values experienced in 2008.
While the period of decline has lasted longer, Bourke said, prices have yet to retreat as significantly as in 2008. Perth values have thus far posted a 6% decline, compared to a 12% fall in 2008.
Properties are also sitting on the market for longer, REIWA data shows. Bourke said the average number of selling days has increased to 82, its highest level since the Perth property boom of 2004-2007.
"Buyers must be patient and realistic about price," he commented.
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