What a difference a couple of weeks can make. On the 17th June, The Perth Sunday Times ran an article titled “Relief ‘within decade” predicting falls of 10 to 15% over a year or two.
The artcle quoted REIWA president Rob Druitt saying
“though Mr Ruthven’s logic was correct, he could not foresee house prices falling to such an extent.
“WA has never experienced an overall market drop by 10 to 15 per cent in such a short time,” he said.
“In the suburbs, yes, but not the whole market.
Today, the WA Business news runs an article with the headline “Perth house prices drop $30,000”.
As yes, you have REIWA president Rob Druitt saying
“Perth has experienced an overall slump of almost $30,000 in the median price since the beginning of this year, and the June quarter shows that this slump is found right across the metropolitan area and also that the regions have gone backwards a little too,”
So there you have it – in just 6 months, Perth has experienced a 6.7% fall across the best part of the whole market.
» Relief within decade – The Sunday Times, 17th June 2008.
» Perth house prices drop $30,000 – WA Business News – 11th July 2008.