4 Consecutive negative quarters...a house worth 500k this time last year is now worth 440k...the market needs to rise 14% to recoup losses. How much further will they fall...i think we are getting close to half way.
Perth property prices continue to fall Posted 5 hours 3 minutes ago Updated 4 hours 44 minutes ago
Perth property prices continue to slide. (ABC : Graeme Powell)
Map: Perth 6000 Property prices in Perth have fallen for the fourth consecutive quarter, for the first time in more than 15 years.
The Real Estate Institute of Western Australia says figures show Perth's median house price is down 12% to about $412,000.
They also show house sales are down almost 30% compared to 2007.
REIWA's Rob Druitt says it is the slump WA had to have after the boom of 2006 and 2007.
Mr Druitt says the market should stabilise this year due to lower interest rates and an increase in consumer confidence.
He says the market will also be buoyed by the return of property investors.
