Perth property sales reportedly hit a 25-year low in the 2017 calendar year, according to the REIWA:
Real Estate Institute of WA figures show just 26,223 sales of houses and units in Perth last year — the lowest number since 27,601 dwellings changed hands in 1990 during Paul Keating’s “recession we had to have”…
REIWA State president Hayden Groves described last year’s sales figures as “extraordinary” and “perplexing”, particularly given the number of dwellings in Perth had doubled since 1990.
Mr Groves property owners had gone into their shells and stopped trading in real estate as the state was hit with outbound migration prompted by the end to the mining boom.
However, he said the reaction had been out of proportion to the underlying strength of the WA economy, which he noted was far bigger now than 30 years ago…
“2017 was the low-water market of housing transactions for the last 30-odd years in Perth,” Mr Groves said.
Transaction data from Landgate, which is current to November 2017, shows that Perth’s housing transfers were the lowest in records dating back seven years, whereas overall WA housing transfers were tracking near 15-year lows at around half the peak levels reached in mid-2006:
Of course, CoreLogic data also shows that Perth dwelling values are in a clear bear market, with values down around 11% from mid-2014:
With new supply still running well ahead of population growth:
Perth’s housing market should remain in a funk for the foreseeable future.
