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Perth House Prices Plummet

Perth House Prices Plummet

Old May 4th 2009, 2:52 am
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Default Perth House Prices Plummet

Hooray!

http://www.thewest.com.au/default.as...ntentID=139669
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Old May 4th 2009, 3:21 am
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Default Re: Perth House Prices Plummet

Originally Posted by NKSK version 2 View Post
I'm surprised that Rob Druitt hasn't spun this into a "Never been a better time to buy" story.
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Old May 4th 2009, 3:31 am
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Default Re: Perth House Prices Plummet

They still have some way to go if they are ever to drop back in line with where they were in 2002 compared to Sydney...

 
Old May 4th 2009, 3:37 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
They still have some way to go if they are ever to drop back in line with where they were in 2002 compared to Sydney...

http://www.britzinoz.com/images/hous...stablished.jpg
Well they have about 3 years to do so given the mining boom hiatus.
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Old May 4th 2009, 4:08 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
They still have some way to go if they are ever to drop back in line with where they were in 2002 compared to Sydney...

http://www.britzinoz.com/images/hous...stablished.jpg
Sydney not lookig too hot either.

Sydney lost 7.3% over the same period, followed by Melbourne which experienced a 6.7% fall.

Home prices in Brisbane, also yoked to the fortunes of the global commodities economy, fell 6.3%.

Darwin saw the biggest annual increase in home prices, gaining 10.8% in the year to the end of March.
http://business.smh.com.au/business/...0504-arzw.html

And for those hoping for rental returns

http://www.news.com.au/business/mone...-14327,00.html
Ray White's director of property management, Ben White, said that in some markets vacancy rates had already increased to 5 per cent from the average of 2.5 per cent.

Others could also increase to 5 per cent within three to four months.

"Once vacancies rise, it's a matter of time before rents will soften," Mr White said.
It is Murdoch press though but makes a change from the usual REIA planted stories.
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Old May 4th 2009, 4:54 am
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Default Re: Perth House Prices Plummet

Here's another article on house prices. Is it possible that price will fall 20% in the next 2 years?

http://business.theage.com.au/busine...0430-aoyd.html
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Old May 4th 2009, 5:19 am
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Default Re: Perth House Prices Plummet

Originally Posted by IvanM View Post
Sydney not lookig too hot either.
Too many people buying new homes, (for the $21k grant) and not spending on the established houses...

 
Old May 4th 2009, 6:36 am
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Default Re: Perth House Prices Plummet

Originally Posted by ABCDiamond View Post
They still have some way to go if they are ever to drop back in line with where they were in 2002 compared to Sydney...

http://www.britzinoz.com/images/hous...stablished.jpg
Hi From this graph, does one assume that Sydney prices have been stable - ie: no increase or that Perth prices as a ratio of Sydney prices have gone up. If the latter, I am a little unsure as to why the Sydney prices vary from 100. Cheers

Last edited by Dorutland; May 4th 2009 at 6:49 am.
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Old May 4th 2009, 6:44 am
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Default Re: Perth House Prices Plummet

Even Krudd's handouts and FHOG can't stop the rot.

I feel sorry for all those sheeple who have bought property recently, they are going to be in negative equity in no time at all.

This is only the start.
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Old May 4th 2009, 6:46 am
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Default Re: Perth House Prices Plummet

Originally Posted by Dorutland View Post
Hi From this graph, does one assume that Sydney prices have stayed stable - ie: no increase or that Perth prices as a ratio of Sydney prices have gone up. If the latter, I am a little unsure as to why the Sydney prices vary from 100. Cheers
Amazing how Sydney prices have stayed the same over the last 5 years, even throughout 'the boom'.
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Old May 4th 2009, 6:48 am
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Default Re: Perth House Prices Plummet

Originally Posted by renth View Post
I'm surprised that Rob Druitt hasn't spun this into a "Never been a better time to buy" story.
If 25% of Perth's population died from Swine Flu, Rob Druitt would still be banging on his ' get in now' spin.
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Old May 4th 2009, 6:56 am
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Default Re: Perth House Prices Plummet

Originally Posted by northernlights View Post
Amazing how Sydney prices have stayed the same over the last 5 years, even throughout 'the boom'.
If im reading it right, the Y axis is an index, therefore a national average.
Meaning that Sydney has stayed in tune with the norm, whereas Perth has increased greater than the norm.

If average house prices doubled nationally, but so did Sydney's then they would show no movement

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Old May 4th 2009, 7:01 am
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Default Re: Perth House Prices Plummet

Originally Posted by northernlights View Post
Amazing how Sydney prices have stayed the same over the last 5 years, even throughout 'the boom'.
Sydney's economy is a lot more diversified than Perth's and a lot less susceptible to a boom or bust in one sector. It is however more of a siren as to the general state of the economy.
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Old May 4th 2009, 7:04 am
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Default Re: Perth House Prices Plummet

Originally Posted by northernlights View Post
If 25% of Perth's population died from Swine Flu, Rob Druitt would still be banging on his ' get in now' spin.
There have been a few on here saying the same thing since 2006 -strangely quiet recently though...
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Old May 4th 2009, 7:11 am
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Default Re: Perth House Prices Plummet

So what happens when you take them away? Remember that existing dwellings had a 7k boost on top of the 7k FHOG.

The budget will be interesting even if the media reports conflict wildly.
Originally Posted by ABCDiamond View Post
Too many people buying new homes, (for the $21k grant) and not spending on the established houses...

http://www.britzinoz.com/images/hous...dex-sydney.jpg
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