Perth’s epic housing bust, where values have fallen for over 59 months with cumulative losses of 19.2%:
Has seen values fall to the same level as April 2006, according to CoreLogic:
“In Perth values were previously this low in April 2006 and values haven’t been this low across regional WA since July 2005”… House prices in Perth are the same as in April 2006, with a median of $436,000…
Perth is down 19.2 per cent and regional WA has fallen 32.5 per cent.
Here’s the chart:
Of course, when adjusted for inflation, the losses would be much worse.
But it’s not just dwelling values that have crashed, but rents as well. According to the ABS’ rental series, Perth rents have fallen by 22% from their December 2014 peak:
Those are big falls, which look like they have a little further to run.