New data confirms weak housing market

Perth's residential property market has been ranked the nation's second weakest performing, after median prices dipped 3.4 per cent over the past quarter, according to analysts RP Data-Rismark.


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If property prices have dropped and the market is slow prices have been inflated in the last few years. This also means the property value has been assessed by the banks who appear to have overvalued the properties as they provided the finanace at the overvalued prices Many property owners are now faced with the prospect of selling for less than the debt owing so they will have to pay the bank the difference between the selling price and the mortgage Mortggae stress is not pleasant to deal with Buying aproperty is not like going to a two dollar shop oone needs to do a due dilligence like you do when buying a business and have a good team lawyer/settlmenet agent/broker/banker/real estate agent. It may pay to get a valuation done by an independent valuer to confirm that you are niot overpaying Otherwise buyer beware

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