Perth real estate: house prices continue to fall



The house values ​​in Perth have collapsed again as the signs grow that the nation's largest real estate markets are falling even faster.

Figures from CoreLogic released this morning showed that the home value in Perth fell by 0.6 percent in September to 2.1% this year.

The value of the units declined by 1.1 percent, dropping by 6.5 percent until 2018.

The situation is more problematic in Sydney and Melbourne.

House values ​​in Sydney fell by 0.8 percent last month and have dropped by 4.9 percent this year. In the past 12 months they have dropped by 7.6 percent.

In Melbourne, home values ​​fell 1.1 percent in September to 5.1 percent in 2018.

The strongest market of the nation remains Hobart, where the values ​​were 0.3 percent higher in the month to be 6.2 percent better this year. The annual growth rate has improved 9.4 percent in the last 12 months.

Tim Lawless of CoreLogic said there was evidence that the greatest value decreases had occurred between expensive properties in Sydney and Melbourne.

"Evidence of stronger market conditions in the lower valuation quartile in these cities can probably be attributed to the rise in the numbers of first-time home buyers," he said.

Mr. Lawless said the situation might deteriorate in the aftermath of the Royal Banking Commission because it could recommend tougher lending standards.

"The constant of the report is that supervisors should follow and enforce existing policies much better, while lenders and intermediaries should outperform customers' interests," he said.

"This implies a more conservative credit approach in the future that is likely to have an impact on the availability of credit."


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