Page 6 of Today’s Australian Financial Report states :
House prices in Perth has suffered their biggest quarterly fall in almost a decade, in what analysis say could be a sign of things to come in other cities as rising interest rates and the falling stock market take their toll.
Preliminary data released by the Real Estate Institute of of Western Australia (REIWA) show the median Perth house price dropped 2.7 per cent to $457,000 in the March quarter in what is the first quarterly report from the state real estate bodies.
Perth has become a buyers market, with the number of houses for sale reaching 17,600, up 240 per cent on the 5000 listings 18 months ago. The 2.7 per cent decline – the biggest quarterly fall since September 1998 – follows a year when Perth property markets grew just 1.1 per cent, although in the three years before that they rose 70 per cent.
If your Real Estate Agent seems stressed, it’s not because of the pending bubble popping, but their ballooning workload.