PHOTO: Perth’s property boom came at the time of a price decline in Sydney and Melbourne. Photo: iStock
Perth, once the most expensive city for houses in Australia, is in the midst of its longest and steepest downfall price decline in two decades.
In fact, the Perth price downturn started in five years ago in 2014 and it’s continuing today. Why is that, and is there an end in sight?
Perth prices soared in the three years to 2006, with an incredible cumulative climb of 94 per cent. In the same time period, Sydney prices fell 6 per cent, said Bankwest chief economist Alan Langford.
“Perth’s housing affordability crisis was at its worst several years before prices in Australia’s two most populous cities started to race well ahead of the household incomes available to service the bigger mortgages that come with steeply rising prices,” he said.
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