Blog: Western Australia

With rental prices on the rise and median prices slowly recovering from the trying 2011 property market, many West Australians are wondering what is in store for this year. Those in the know are predicting that 2012 is already showing signs of market recovery, with the high rental prices drawing investors back out of hiding.  We spoke with four experts in the WA real estate market, Ian Cornell, Principal at Michael Johnson & Co Professionals and Deputy President of REIWA, Brett Thorp, Principal at Thorp Realty, Hayden Groves, Director/Principal of Dethridge Groves Real Estate, and Rob Druitt, Principal of First National Real Estate Druitt and Shead), to gain a better understanding of what 2012 will bring.

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While the housing market across Perth has remained somewhat subdued in 2011, the mining regions of Western Australia are bucking the trend creating a 2 speed housing market in the west much like the Australian economy.  With WA’s mining industry booming, insufficient dwelling supply and higher wages are contributing to unique market conditions in WAs mining regions.

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Units and premium property still holding up

Preliminary data from the Real Estate Institute of Western Australia show that Perth has experienced its fifth consecutive quarter of falls in the median house price.

The reiwa.com data is showing that prices fell by around 2 per cent in the June quarter, notching up 15 months of successive decline.

This is a longer period of price retraction than was experienced in 2008, when prices pulled back for one year only.

The big difference is that in 2008 the median fell by 12 per cent, whereas the last 12 months of decline has been half that rate at 6 per cent.

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