House prices fall in WA in July

WA house prices fell one per cent in July according to the latest RP Data-Riskmark Hedonic Home value index, continuing WA's weak performance compared to other states.


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It is a safe investment as long as you are not over-leveraged or trying to speculate on property. According to the economist Australia's property prices are in some areas up to 60% over-valued. Real incomes have not increased in step with property prices. Gone are the days of single income home ownership for those on the national average income. Prices are overinflated and can only be sustained with the continuation of lax home ownership by foreign investors thanks to the FIRB, and also by restricting land release. Globally the world is still in economic strife. Australia is in a fortunate position because of China, but when the US & Europe cool off it will impact China's exports and subsequently Australian industry. Pay down your debt people. We still have a long way to go.

Despite your report property is still the safest investment. My opinion is that Kevin 07 and Julia's tea party by giving the stimulus package and homeowners grant to first time homebuyers @$14,000.00 and $21,000., has created a false sense of security. We have not seen the bottom of the market and once we have a stable goverment and no uncertainty about mining taxes etc the market will rebound . There is a shortgae of houses in Australia and the four hundred thousand or so workers needed to fill skills places to stay. It's part of the property cycle. Prior to the tea party prices wre overinflated and non realistic prices were achieved. Both these issues were a recipe for disaster.It happens around the world. So we must just wait.

Its a bit misleading to lump Perth into a single figure. Locations on the perimeter of Perth like Mandurah are still going backwards. Its clear that peri urban centres will take a lot longer to recover lost ground.

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