Mandurah’s house price decline continues

Mandurah’s house price decline continues

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.

House prices from the CoreLogic monthly data update for June.

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

 

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.

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.