Canal suburbs the only bright spot for Perth's housing market

Font size :
Median house prices in Perth fell once again by 4.7 per cent to $579,914 in March quarter. Though it had a 0.8 per cent slight improvement in the December quarter after consecutive quarterly losses throughout 2015, the current median price is still the steepest decline among all Australian capitals.

"It appears to be one step forward and two steps backward for Perth," said Domain chief economist Andrew Wilson. "There's just not the economic drive there to have a consistent lift in prices."

Yet a handful of suburbs in the south of the Swan River notched house price gains. Canal suburbs Wannanup and Dudley Park topped the list of suburbs with fastest growing prices, together with inner south suburbs like Como and South Perth.

The growth can be attributed to strong first-home buyer numbers and change-over buyers taking advantage of the value in the market.

"Even though they will take a hit on the sale of their property, change-over buyers are able to get into that higher price bracket right now or choose those lifestyle properties," Wilson said.

According to Harcourts Mandurah director Ben Hatch, buyers in Wannanup and Dudley Park were either trading up into the waterfront lifestyle or trading in from higher priced properties in established Perth suburbs. They are making the move now because canal homes are running out.

Still, Rebecca Freeman of LJ Hooker City Residential does not see any real rebound in the south.

"I think we've probably seen it bottom out, but we're not going to see prices move forward much in the next 18 months," she said.

Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Wednesday, Sep 20, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords