For yet another quarter in 2019, Perth was the lowest capital of the totem pole.
It was the only capital other than Darwin to experience negative growth. According to CoreLogic, property values ??fell 1.7% in the three months ending October 2019, bringing the median value of homes to $ 435,119.
However, this is not all bad news. According to the CoreLogic Home Value Index for October 2019, the rate of decline in this market has improved over this period, the 1.7% decline being the smallest in the last 14 months.
In addition, the continuing fall in prices has made housing more and more accessible to buyers – especially first-time buyers. In October, Perth had the lowest median value of any capital.
The review of Knight Frank's Australian residential development for the second half of 2019 indicated that, although the average value of a unit in a high density site (excluding CDB in all cities) in Australia is $ 84,300, in Greater Perth it was only $ 50,200.
The value of a new standard apartment was $ 8,200 per square meter in June 2019; In the inner suburbs of Perth, buyers can get units for as little as $ 6,000 / m². Those in the middle ring come in at an indicative rate of $ 7,200 / m², and apartments on the outskirts cost an average of $ 6,100 / m².
For buyers looking for the best places to buy units, the report notes that Perth, Claremont, Subiaco, West Perth, South Perth, Burswood, East Perth, Mount Pleasant, Menora and Scarborough are the top 10 suburbs in buy.
Low interest rates, relaxed credit policies and increased buyer confidence have helped boost the performance of the national housing market. Employment in the construction industry increased nationwide in the three months ending August 2019, according to the Cordell Housing Price Index (CHIP) report ) for September 2019.
In Perth, construction costs recorded their largest quarterly increase since June 2014. Thus, even if there is still some weakness to be resolved in Perth, positive indicators appear to suggest that this city will rebound.
"What we have seen [in Perth] in the past 18 months is a significant reduction in vacancy rates and improved interstate migration," says Propertyology director general Simon Pressley .
SUBURB TO WATCH
WEMBLEY: Massive disparity between houses and units
On the outskirts of Perth, Wembley, there are two very different scenarios for houses and units.
The median home price remained above $ 1 million despite a steady, albeit slow, downward trend in value. In contrast, the median unit value fell below $ 250,000 after falling 12.2% in the 12 months to October 2019, continuing a double-digit downward trend over the five last years.
In terms of rental, it is the unit market that looks best. Average rent stayed at $ 270 a week, while house rents fell 4.9% to $ 580 a week. At the same time, the average rental yield for dwellings was 5.6%, compared with 3.1% for houses.
Price: The median price of homes was still over $ 1 million in the last quarter, while units fell below $ 250,000
Rent: The average rental yield was 5.6% for the units and 3.1% for the houses of the year to October 2019
Top suburbs:
Narara
,
Torrensville
,
mt gravatt
,
Chermside
,
rockville
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