19/09/2017 - 15:27

Perth property down 8.8% in three years

19/09/2017 - 15:27

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Perth residential property prices fell 0.8 per cent in the June quarter, to be down 3.1 per cent across the financial year, according to data released by the Australian Bureau of Statistics today.

Perth property down 8.8% in three years
House prices are well down since their peak. Photo: Attila Csaszar

Perth residential property prices fell 0.8 per cent in the June quarter, to be down 3.1 per cent across the financial year, according to data released by the Australian Bureau of Statistics today.

It means prices have fallen nearly 8.8 per cent since their peak in June 2014, and are now at levels seen in around 2012, according to the Residential Property Price Index calculated by the Bureau.

The most recent numbers compare with an increase of 1.9 per cent on average across all Australian capital cities in the three months to June, and 10.2 per cent for the whole financial year.

Sydney and Melbourne both fared strongly, both up 13.8 per cent for the year.

The nation’s worst performer was Darwin, down 1.4 per cent in the quarter and 4.9 per cent lower across the year.

Property Council WA executive director Lino Iacomella said job creation was needed in Western Australia to encourage population growth.

“Falling house prices are indicative of a weak economy, which is why the state government must double down on its commitment to driving the state’s growth,” he said.

“There is a plethora of major infrastructure projects in the pipeline since the reveal of the state government’s Metronet plans.

“Now is the time to priorities key projects and secure the funding to make them happen.

“Creating long-term employment opportunities will draw people back to WA, driving the economy forward.

“The State Government must secure funding as a matter of urgency through the creation of a City Deal for Perth which would enable state, federal and local governments to work together to fund major projects.

“It is also imperative that the government pushes ahead with its election promise to establish Infrastructure WA, to plan and prioritize infrastructure projects.

“If infrastructure WA is able to determine a clear list of priority projects, it will hugely increase our chances of securing federal funding.”

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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