Perth house and unit values to decrease by 3 percent: NAB
Over the past twelve months we have seen Perth home values drift 3.7 percent lower while values across the combined regional markets of the state are down a larger 8.3 percent.
Home values across both the metropolitan and regional areas of Western Australia reached a peak in late 2014. Since that time home values have fallen, although the declines have been more pronounced in key regional areas of the state associated with the mining sector.
Not all regional markets are seeing falling home values; the South West region of the state, which includes towns such as Margaret River, Bunbury and Busselton, has seen values rise by 3.7 percent over the past twelve monthswhile values across the Midlands are 6.0 percent higher over the year.
The Perth housing market hasn’t been immune to the weaker state economy and wind down in the mining boom. Home values across Perth have fallen over the past year and rents are falling at a faster pace than values which is pushing rental yields lower as well.