Can virus-free Perth property recover?

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As has been well documented on this site, Perth’s housing market has experienced an epic crash with dwelling values falling by over 22% from their June 2014 peak:

After a six year bear market, Perth Now claims the “property market continues on road to recovery”:

“Although Perth’s overall median house price remained stable in July, reiwa.com data shows one in three suburbs recorded an increase,” Mr Collins said…

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.