THE Perth property market may have bottomed after another year of falling prices, with signs the worst may be over for unit prices.

The Perth market staged the thinnest of recoveries in the December quarter, according to CoreLogic, with its index up 0.1 per cent across all dwelling types for the period.

But house values still fell an average 2.3 per cent for the year, according to the CoreLogic index, making the Perth property market the nation’s second-worst performing capital city – behind Darwin, which fell 6.5 per cent.

CoreLogic head of research Tim Lawless said the rate of decline in the Perth market “continued to improve” – the city’s annual fall was the lowest since May 2015.

“The improving conditions are most visible across Perth’s unit sector, where values are up 0.4 per cent over the December quarter and supply issues are generally healthier relative to Perth’s detached housing market,” he said.

Mr Lawless flagged a softening market across the rest of the country in 2018, saying capital gains in housing had peaked in 2016 followed by a gradual loss of steam last year.

“Amongst the capitals, the weakest conditions are concentrated in Sydney and Darwin. Sydney’s housing market has become the most significant drag on headline growth figures,” he said.

Regional WA house prices continued their falls, according to the data provider, with housing in the rest of WA falling an average 4.3 per cent across the year.


Report sourced from Perth Now

Written by Nick Evans

January 2, 2018 7:43AM


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