Perth property values fall in 2018 back to 2009 levels: CoreLogic

Perth property values fall in 2018 back to 2009 levels: CoreLogic
Perth property values fall in 2018 back to 2009 levels: CoreLogic

Perth values dropped 4.7 percent over the year, led by its decline in the unit market.

Unit values declined a further one percent in December, bringing their total decline over 2018 to 6.5 percent.

House values, which also saw a one percent drop over the month, dropped 4.3 percent, bringing the median house price values to $431,000.

Perth's median unit value sits at $370,000.

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Perth property values fall in 2018 back to 2009 levels: CoreLogic

Tim Lawless, the heat of research at CoreLogic, noted the reprisal in Perth’s rate of decline was a key factor in the 2018 property landscape.

"Perth values are back to levels last seen in March 2009," he noted.

"Although Sydney and Melbourne recorded the weakest conditions, the peak to current declines are much less severe relative to Perth and Darwin where values have been falling since mid-2014.

"The downturn has been running much longer in Perth and Darwin, resulting in cumulative falls of 15.6 percent and 24.5 percent respectively."

Lawless noted Perth was among the capitals with the largest yield improvements

Rents in Perth have been consistently lifting from their low base through the year, up 2 percent over the year while dwelling values were down 4.7%.

"The net result has been a 2 basis points rise in Perth rental yields," he said.

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Perth property values fall in 2018 back to 2009 levels: CoreLogic

Tags: 
Perth Price Decline

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