No end in sight for Perth’s longest property price decline

Stock image.
Stock image.

THE Perth property market is experiencing the deepest decline of any over the past 30 years with no end in sight, according to CoreLogic.

Dwelling values are 19.2 per cent lower than their peak five years ago.

Research analyst Cameron Kusher said over the past three decades values had been at their peak for 38.5 per cent of the time, with a number of mostly small corrections.

“The current downturn is showing no signs of ending as yet and has been ongoing since the middle of 2014,” he said.

The regional property market has been even harder hit, with values falling by 32.5 per cent since their peak in January 2008.

Mr Kusher said there was no evidence that this decline was ending either.

“As a result of the ongoing declining values, regional WA values have only been at historic highs for 32.1 per cent of the time over the past three decades,” he said.

Source: CoreLogic.

Nationally, dwelling values are 8.5 per cent lower than their peak, which is the largest decline over the past 30 years.

Values across the combined capital cities have fallen 10.1 per cent since they peaked in September 2017.

Mr Kusher said it was the deepest correction throughout any period since May 1989.

While Sydney and Melbourne have seen values drop 14.8 per cent and 11.1 per cent respectively since their recent peaks, Darwin has recorded the greatest fall of any capital city, with prices down 29.5 per cent since they peaked in 2014.

Housing most affordable in 15 years

Areas with greatest increases/decreases in total sales value

More real estate news