While Sydney, Melbourne and Brisbane have had significant drops in sales volume of between 6% and 15 % compared to the previous 12 months, Perth was one of only a few capitals to record a small increase although it is also up 4.3% for the same quarter last year.
The numbers of settled sales in Sydney dropped significantly by 6.8%, Melbourne 15.1%, Brisbane 12.5%.
Available listing stock has also fallen year to year and open home activity is up significantly.
Historically Perth has rebounded when the eastern states markets begins to cool and it is predicted that this will repeat in the current cycle as investors begin to look away from the east coast to markets offering short to medium term growth potential. Our population growth is also beginning to increase as more people are moving West attracted by our lower prices and improving employment conditions.
This should come as a warning to buyers that the Perth market has bottomed and that now the window of opportunity is open for them to take action while local prices and interest rates remain low.
Source – RP Data Core Logic April National Update.