Perth property values drop 8.9 per cent in six months, fastest fall in 40 years
Perth home values have fallen 8.9 per cent from April, the steepest decline in four decades, as sales plummet.
Perth property values have crashed 8.9 per cent below their record high in April, the fastest comparable decline in 40 years. Only Sydney has fallen further.
House sales dropped 21.4 per cent over the year to October, the biggest fall nationwide. Homes now sit on the market for about 28 days on average, three times longer than just three months ago.
The downturn stems from affordability pressure, higher interest rates, rising living costs especially energy bills, weak consumer confidence, and federal budget changes to investor policies. Property listings in Perth now sit 8 per cent above the five-year average, after being around 55 per cent below average at the end of January.
Experts say it is now a buyer's market, but only because most potential buyers have been priced out or lost confidence.
- 8.9 per cent
- Value decline since April
- 21.4 per cent
- Sales drop over 12 months
- 28 days
- Average days on market
- 8 per cent
- Listings above five-year average
Why it mattersHomeowners face the real risk that property values could keep falling, while buyers are increasingly locked out of the market despite more choice and time to negotiate.
AustraliaPerth and Sydney buyers face the sharpest property declines in decades, affecting mortgage holders' equity and pushing a generation further from home ownership in two major Australian cities.
✓ Claims checked against the source. checked 4 h ago
