Perth real estate agent, Willie Porteous, says Perth’s residential market is in the worst state he has ever seen, with those wanting to sell doing so at a big loss. From The Australian:
Yesterday, as data showed the auction clearance rate in Perth was just over 22 per cent compared with more than 80 per cent in Sydney and Brisbane, Perth real estate agent Willie Porteous said WA was in a uniquely dire situation. The iron ore-rich state now has the title of mortgage default capital of Australia. “People can still sell, but they are taking some very big hits,” he said.
