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Mandurah’s house price decline continues

Vanessa SchmittMandurah Coastal Times

SELLERS in Mandurah are feeling the pain with 38.4 per cent of properties selling at a loss in the March quarter according to the CoreLogic Pain & Gain report.

The Shire of Murray recorded only 18.8 per cent loss-making sales.

House prices in Mandurah also continued to fall in the past year.

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House prices from the CoreLogic monthly data update for June.
Camera IconHouse prices from the CoreLogic monthly data update for June. Credit: Supplied/Supplied

Dwelling values declined by 12.6 per cent in the past year in Mandurah according to CoreLogic’s May 2019 Home Value Index.

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Camera IconImage Credit: Supplied/Supplied

According to REIWA, the annual growth in Mandurah was -5.7 per cent and the annual median house price was $257,000.

A house price chart for Mandurah in the past four years. Source: REIWA.
Camera IconA house price chart for Mandurah in the past four years. Source: REIWA. Credit: Supplied/Supplied

Propertyvalue.com recorded a -9.09 per cent change in the median house price in the past year for the 6210 postcode. The national average was a 4.3 per cent increase.

Propertyvalue.com had the median sale price in the 6210 postcode at $250,000, while the national average was $485,000.

In the past five years, house prices in Mandurah have dropped by -6.1 per cent, according to realestate.com.

Mandurah’s relatively low house prices have made it easier for Aussies trying to get a foot onto the property ladder.

The median house price is about eight times the median local income.

This figure is lower than the national average of 12 times pre-tax income and lower than the Greater Perth average of nine.

The Australian Bureau of Statistics data for the 2015-16 financial year showed the median income in Mandurah was $47,417 a year.

In March, the Australian Prudential Regulation Authority (APRA) suggested lenders limit their loans to six times a borrower’s income.