Perth House Prices Still Falling

For the perspective homeowner, there are a lot of things to take into account when buying a house. For those looking for a home, worrying about the price of a carpet cleaner in Perth, is just another cost to take into account, which, in recent years, have been rising. The Perth housing market has been stuck in a funk recently, and has taken another blow with recent data showing a notable decline in housing values across the city.

According to data released by CoreLogic, an Irvine-based analytics corporation specializing in financials, properties and consumer information, the value of houses across the city dropped by a considerable 2.4 percent. This tumble combined with previous year’s declines means that the value of homes across the city of Perth have fallen, by a total of 4.4%, in spite of the small rise in value that occurred this January.

The units of Perth show a similar trend, with values that dropped down 2.8% this February, resulting in a total drop of 5% over the past year.

This declining performance in recent months from the city of Perth is a stark contrast to the East Coast cities of Australia, such as Sydney and Melbourne. The former experienced a 2.7% growth last February, resulting in a growth of 19.1% since the February of 2016, whilst the latter experienced a 1.5% growth last month resulting in a 14.2% total growth over the same timeframe.

According to Tim Lawless, CoreLogic’s head of research, the annual growth rate for capital cities across the globe was now at the high point of the cyclical trend it usually follows. He states that the yearly growth rate across the capitals are at their highest since the 12-month period that ended on the June of 2010.

For the past decade, the annual growth in house values in Perth have bogged down, slowing to a mere .3% every year. For comparison, Sydney experienced an average of 7.5%, whilst Melbourne had a marginally higher growth. Mr. Lawless has stated that he and his company has noticed the indicators that showed that the homes in Sydney were being priced in such a way that most prospecting homeowners could not afford them. However, the conditions that made house prices reach such high levels have benefitted the home owners, providing them with some good news and a good amount of money over the years.

The homeowners, not worrying about the cost of a carpet cleaner in Perth because they don’t live in the area but plan to move, might want to consider pricing trends.