New data from the Real Estate Institute of WA posts a worst picture of Perth’s housing market than originally thought. On the 14th of January the Institute reported preliminary data showing the Perth medium house price closed the year at $418,000, down 11.44% from $472,000 the year prior.
It now appears the final December 2008 price is $412,500, making a 12 month decline of almost $60,000 or 12.61%. Falls accelerated in the December quarter, with the three months attributing 5.12% to the yearly decline.
The West Australian reports that REIWA president Rob Druitt said Perth had not seen four consecutive quarterly falls since 1982.
» Property slump worst since ’82 – The West Australian, 21st February 2009.