property glut dogs perths southern suburbs

http://www.watoday.com.au/wa-news/property-glut-dogs-perths-southern-suburbs-20081028-5a75.html

A post-boom property glut is dogging outlying suburbs and regional cities to the south of Perth.

"There's a lot of listings around," said Cameron Kusher, senior research analyst with national property monitors RP Data.

"Obviously there's been a lot of stock injected in those areas in recent years, and developers in particular have found it hard to move stock over the past 18 to 24 months."

Mr Kusher's "Property Pulse" report released yesterday afternoon showed Mandurah had more homes languishing on the market than any other WA locality.

The former holiday town fast being engulfed by Perth's urban sprawl recorded 366 property listings - comprising 223 apartments and 143 houses.

The glut isn't all bad news for Mandurah property vendors, with apartment prices there increasing in the past year.

But Mr Kusher said the outlook wasn't great for other areas south of Perth.

"We've seen that people have become overcapitalised and are looking to get out of houses and units in those areas," he said.

Mr Kusher said median dwelling prices in Canning Vale, Rockingham, Halls Head, Baldivis, Port Kennedy and Secret Harbour had all declined, suggesting some vendors had sold for a loss.

The Property Pulse report measured property listings for the month to October 19, including homes marketed off the plan. Mr Kusher said some, though not many, of the listed homes may have already sold.

With 302 and 231 listings respectively, Scarborough and the Swan Valley suburb of Belhus were the only suburbs north of the Swan River to make WA's Property Glut Top 10.

Perth's Top 10 property glut suburbs:

Mandurah: 366

Canning Vale: 350

Rockingham: 325

Scarborough: 302

Halls Head: 269

Bunbury: 237

Baldivis: 231

Belhus: 231

Port Kennedy: 224

Secret Harbour: 224