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OFFLINE   TV_Expert #21

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Posted 22 June 2006 - 10:17 PM

The latest median house prices in capital cities for March Quarter 2006 have been released.

Median House Price
Sydney - $516,000
Canberra - $375,000
Melbourne - $360,000
Perth - $353,000
Darwin - $335,000
Brisbane - $324,000
Hobart - $283,000
Adelaide - $277,000

Median Unit Price
Sydney - $358,000
Melbourne - $308,000
Canberra - $301,000
Perth - $275,000
Brisbane - $266,000
Darwin - $260,000
Hobart - $220,000
Adelaide - $215,000

Source: REIA, March Quarter 2006

And just out of interest, especially for Sydneysiders, here is Sydney's 5 most affordable local government areas, in terms of its median house prices.

Campbelltown - $298,000
Wollondilly* - $320,000
Blacktown - $325,000
Penrith - $330,000
Hawkesbury - $340,000

Source: REINSW, March Quarter 2006

* - Wollondilly is the area around Picton, The Oaks, Bargo etc.

Edited by TV_Expert, 22 June 2006 - 10:18 PM.

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OFFLINE   Squee! #22

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Posted 23 July 2006 - 01:30 AM

QUOTE (MorningDude @ Jul 22 2006, 08:51 PM)
I did hear a report recently on how Perth is now Australias second most expensive city, but looking at those figures, its hard to see how.

Simple. The median is about $380,000 this coming quarter, which beats Melb/Canberra.

OFFLINE   TV_Expert #23

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Posted 25 July 2006 - 08:32 PM

QUOTE (MidnightPerth @ Jul 25 2006, 07:25 PM)
As reported on Ten News now, the median is $406,500.


Where does Ten News sourced that median house price figure from? REIWA?
If it's from REIWA, then Perth has gone really expensive in Australian capital city terms, which makes it Australia's 2nd most expensive capital city after Sydney, as MidnightPerth discovered here.

I have a cousin living in Perth, who moved from Sydney in June 2002 due to work reasons.
Back in June Quarter 2002, the median house price in Perth was $186,000, compared to Sydney's $388,000. My cousin, along with her fiance who she met at work in Perth, bought a house in Two Rocks, about 60km north-west of Perth in December 2004, when the median house price in Perth was at $267,000 (December Quarter 2004).
I first visited Perth in December 2005, when the median house price in September Quarter of that year (the latest available at the time) was at $308,000.
My aunt & uncle (my cousin's parents), who lives in Sydney, bought an investment property in the inner suburbs of Perth in 2003, when Perth's median house price was just over $200,000. My cousin & her fiance also bought an investment property in the same complex as my aunt & uncle.

Perth's property prices have increased dramatically since my cousin moved there 4 years ago. yes.gif

Edited by TV_Expert, 25 July 2006 - 08:34 PM.

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OFFLINE   MelbourneTV #24

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Posted 26 July 2006 - 12:40 PM

That is amazing! Who would of though the Perth property market would be so huge.
I don't know what Melbourne's average is, but that is more than this city's.

The problem with Perth is though, it lacks the activities to keep people in the city.
People will go there to work for a few years, then move back east.
I contemplated doing Uni over there, but because of the percieved lack of things to do, I changed my mind.
Hopefully with a growing population, Perth will start to get some "culture".
I really hate that term btw...

In the meantime though, it's good for me, becuase I can enjoy WA without the crowds of whinging Vics silly.gif

OFFLINE   TV_Expert #25

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Posted 26 July 2006 - 02:31 PM

QUOTE (MelbourneTV @ Jul 26 2006, 12:40 PM)
The problem with Perth is though, it lacks the activities to keep people in the city.
People will go there to work for a few years, then move back east.
I contemplated doing Uni over there, but because of the percieved lack of things to do, I changed my mind.
Hopefully with a growing population, Perth will start to get some "culture".
I really hate that term btw...


Here's another incentive on people moving to Perth from the east. It has a sunny climate, therefore it's an ideal city for outdoor activities. They've also got good beaches there as well.

QUOTE (MelbourneTV @ Jul 26 2006, 12:40 PM)
In the meantime though, it's good for me, becuase I can enjoy WA without the crowds of whinging Vics silly.gif


What do you mean by that? confused.gif
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OFFLINE   MelbourneTV #26

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Posted 26 July 2006 - 08:38 PM

I can enjoy WA without the crowds.

OFFLINE   TV_Expert #27

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Posted 29 July 2006 - 02:32 PM

An article from REIWA's website.

QUOTE
Only 6 per cent of Perth homes under $250K

The Real Estate Institute of Western Australia has again called on State Treasurer Eric Ripper to urgently lift the tax free threshold for first home buyers.

Currently, first home buyers are exempt from paying stamp duty for homes valued at under $250,000.

REIWA President Greg Rossen said this threshold was totally unrealistic in the current market and first home buyers were being hit hard by state taxes.

"The median price for a home in Perth has now passed $400,000, so it is almost impossible for young people trying to enter the property market to find anything for under $250,000" he said.

According to REIWA figures, during the September quarter of 2004 the median house price was $253,000, with 48 per cent of housing stock being valued at under $250,000.

However, REIWA's current figures for the June quarter of 2006, show the median price passing $400,000 and with only six per cent of homes for sale under $250,000.

"The reality is that many first home buyers are being forced to buy in the $350,000 to $400,000 range, incurring state taxes of more than $13,000," Mr Rossen said.

Mr Rossen said heavy state taxes were making it very difficult for first home buyers by increasing the size of their loans and extending the life of their mortgages.

"We call on the government to index the tax free threshold to the median price, so that as the median price rises or falls the tax free threshold will continue to match that to the benefit of first home buyers," Mr Rossen said.

Mr Rossen said the Labor Government in New South Wales had linked that State's tax free threshold for first home buyers with the median price and that WA should follow suit.

Mr Rossen also criticised the State Government for the threshold it applies to the Home Buyers Assistance Fund.

"This local scheme provides grants of up to $2,000 to first homebuyers for the incidental expenses of purchasing their home.

"However, the HBAF is only available to first home buyers for properties valued at under $200,000.

"Again, this benchmark is a nonsense and the State Government clearly needs a reality check on what's happening out there in the market with house prices and first home buyers," Mr Rossen said.

27 July 2006

Article added by: Communications


http://www.reiwa.com...iew.cfm?Id=7300

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OFFLINE   Squee! #28

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Posted 30 July 2006 - 12:22 AM

QUOTE (MorningDude @ Jul 29 2006, 10:03 PM) <{POST_SNAPBACK}>
The median reported on Seven News tonight as now at $420,000.
Not sure how when one week ago it was ~$406,000. embarrassed.gif

They're updating the prices every week now... :sarcastic:

OFFLINE   TV_Expert #29

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Posted 30 July 2006 - 02:13 PM

QUOTE (MorningDude @ Jul 30 2006, 12:03 AM) <{POST_SNAPBACK}>
The median reported on Seven News tonight as now at $420,000.

Not sure how when one week ago it was ~$406,000. embarrassed.gif



QUOTE (Boochan @ Jul 30 2006, 12:22 AM) <{POST_SNAPBACK}>
They're updating the prices every week now... :sarcastic:


Different sources have different price figures.

On today's Homeowner section of The Sunday Telegraph (in NSW), they have a cover story on investing real estate in interstate (outside NSW) & overseas. Residex is saying that Perth's median house price is at $423,000, while the median unit price is at $339,000. For both houses & units, that's more expensive than Melbourne, Brisbane & Canberra.
Even Sydney's median unit price now seems to be lower than Perth's median house price, something that is not seen before. I know you can't really compare median unit price in one city to median house price in another city, but it's quite amazing how the real estate market is doing.

The article mentioned that the current real estate boom in Perth is due to the Resources-led boom. Big interests are coming from investors in Sydney & Melbourne who have done their homework and understood that the dynamics behind the western boom is not going to suddenly dissipate.

What does anyone here think about living in Adelaide?
It has become the most affordable capital city to buy a house, with Residex figures showing a median house price of $291,500, $500 lower than the next affordable capital city for a house, Hobart ($292,000). The median unit price in Adelaide is $215,000, while Hobart's is $217,500, making Adelaide the most affordable capital city to buy a unit, also.
REISA (Real Estate Institute of South Australia) has the median house price of Adelaide being at $286,500, while the median unit price is the same as Residex's figure ($215,000).

I've never been to Adelaide, but from what I've seen from the pictures & have read about the place, it looks & sounds like a very nice city. Unlike Perth, it is much closer to the other capital cities of Australia, and can also be seen as being located 'in-between' Perth & the eastern capitals.

Edited by TV_Expert, 30 July 2006 - 02:18 PM.

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OFFLINE   Splashmo #30

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Posted 30 July 2006 - 02:42 PM

Adelaide is a great place to live. It's excellent value for money, the lifestyle is brilliant and it's more radical and progressive than Perth.

We have our own huge boom, who could forget Olympic Dam and all the other mining projects. We've got increasing tourism and commercial developments. It's all good.

OFFLINE   Splashmo #31

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Posted 30 July 2006 - 03:45 PM

QUOTE (MorningDude @ Jul 30 2006, 03:08 PM) <{POST_SNAPBACK}>
hyper.gif no.gif


We didn't upset the Malaysian tourism minister because everything was closed on Sunday, did we?

Adelaide just hosted the largest tourism exposition in the Southern Hemisphere, which was deemed a huge success.

I've spoken to people about Perth and they find that the people there are too arrogant. In Adelaide people are too modest and don't take enough credit for the great place this city is.

OFFLINE   MelbourneTV #32

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Posted 30 July 2006 - 09:07 PM

I'd like to check out Adelaide... but from what I've seen landing at the airport, it looks very quiet. Not that what the airport showed me will be taken as representative of the city.

I think if I had the choice of Adelaide or Perth, Perth would win.
It's like Melbourne, but sunnier, outdoors, modern and relaxed.

OFFLINE   TV_Expert #33

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Posted 01 August 2006 - 06:06 PM

According to Seven News Sydney tonight, the median house price is at $523,000.
They didn't say what source they got that information from.
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OFFLINE   TV_Expert #34

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Posted 01 August 2006 - 08:20 PM

QUOTE (MorningDude @ Aug 1 2006, 08:04 PM) <{POST_SNAPBACK}>
Yes, we too had another report on Seven News about house prices.

Median figures for June 2006; Australian Property Managers (?).

Sydney- $ 523,000

Perth- $ 455,000

Melbourne- $ 352,000


Far out! eek.gif eek.gif eek.gif

At this time last year, I wouldn't believe it.

BTW, the full report can be seen here: http://www.homeprice.....se 010806.pdf

I'm waiting for the Real Estate Institute figures for the June Quarter to be released, as they're probably the most reliable source for median property prices on capital & regional cities. However, I wouldn't be surprised if REIWA/REIA (Real Estate Institute of Australia) came up on having Perth's median house price being around $400,000, especially with what's going on, over in WA.

Perth, once regarded as one of the more affordable capital cities in Australia compared to Sydney, Melbourne & Canberra, has all of a sudden, gone unaffordable, beating Melbourne & Canberra for the title of being Australia's 2nd most expensive capital city for real estate! :wacko:
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OFFLINE   Splashmo #35

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Posted 01 August 2006 - 08:29 PM

QUOTE (MorningDude @ Aug 1 2006, 07:57 PM) <{POST_SNAPBACK}>
Thanks for the report. The graph really shows the way the Perth market has been heading. Straight up.


One wonders if this is a good thing or not. If I owned a house in Perth, jackpot, if I wanted to move there, maybe consider someplace else.

OFFLINE   TV_Expert #36

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Posted 01 August 2006 - 10:22 PM

QUOTE (Splashmo @ Aug 1 2006, 08:29 PM) <{POST_SNAPBACK}>
One wonders if this is a good thing or not. If I owned a house in Perth, jackpot, if I wanted to move there, maybe consider someplace else.


I agree with you. Personally, from my point-of-view, coming from Sydney's south-west & looking for a capital city with more affordable real estate prices, Adelaide is it. As I said before, I've never been there, but heard it's a nice city, with a wonderful lifestyle.

I once had a thing about living in Canberra, when it was an affordable city, compared to Sydney. I sort of have second thoughts when Canberra became an unaffordable city to live in, even when comparing to Campbelltown (in Sydney's south-west). For example, the median rent for a 2 bedroom unit in Canberra is the same as in the Sydney metro area: $300 per week. By comparison, the median rent for a 2 bedroom unit in Adelaide is $185 per week, which is comparable to Sydney's south-west's (Fairfield, Liverpool & Campbelltown council areas) median rent for a 2 bedroom unit.

Hobart would be my other choice for an affordable capital city to live in, in which the median property prices is comparable to Adelaide's. Like Adelaide, I've never been there, but looks like a very nice city. However, the population between Adelaide & Hobart is quite a huge contrast from one another. Adelaide's population is about 1.1 million, while Hobart's is around 200,000, therefore a chance of getting a job in Hobart is lower compared to Adelaide, depending on the occupation.

You might be interested to read this thread from the DTV forum: Ot: Anyone moved from Melbourne to Adelaide, what was your experience
(Ot = Off-Topic - indicating that the thread is off-topic from the Adelaide Viewers Forum section of the DTV Forum)
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OFFLINE   Splashmo #37

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Posted 02 August 2006 - 08:02 AM

QUOTE (TV_Expert @ Aug 1 2006, 09:52 PM) <{POST_SNAPBACK}>
You might be interested to read this thread from the DTV forum: Ot: Anyone moved from Melbourne to Adelaide, what was your experience
(Ot = Off-Topic - indicating that the thread is off-topic from the Adelaide Viewers Forum section of the DTV Forum)


hyper.gif Our women are hot and our traffic lights have a bad amber colour.

Don't believe what they say about our tapwater - it's hard but it's not so dirty you can't see through it. At least Adelaide has tapwater and we're not running out like the other capitals. I like this:

QUOTE
About the only thing Adelaide is behind Melbourne and Sydney in, is arrogance. Arrogance that justifies a big mortgage, road tolls, selfish neighbourhoods, and that look at me attitude no matter where you are...

I've lived in Sydney, Perth, Adelaide, some small country towns, and overseas (US and NZ). It all depends on your lifestyle and what you want. I've heard plenty of Sydney people crap on about how beautiful the city is - ask them when was the last time they had a picnic at the Botanic Gardens, or took the ferry over to Taronga. Many have never done it. Sydney? Most tourists have experienced more of it than the locals. I've seen more of Sydney in the years since I left the place...

I've found the key to any place is finding those spots that suit your lifestyle. We are fortunate in Australia, in that all our capital cities can offer a great variety of things to do and see. You just might have to get off your butt and look for it in a place like Adelaide, as opposed to having it shoved down your throat like in Sydney.

At least in Adelaide, it's only a short drive, or a cheap cab ride home...


OFFLINE   TV_Expert #38

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Posted 25 August 2006 - 02:27 PM

From REIWA's website:

QUOTE
South-West slow down may herald change

Land, units jump in price

Today's release of the June quarter figures by the Real Estate Institute of Western Australia shows continued strong growth in the property market, although signs are starting to emerge of a slow down in some regional areas and in Fremantle.

REIWA President Greg Rossen, said the preliminary median price for a home in metropolitan Perth was now $395,000, an 8.2 per rise in the quarter which lifted the metropolitan median by $30,000 over the last three months.

"While this is another very robust period of metropolitan growth, climbing by 34 per cent over the last year, we have also witnessed a downturn in the Bridgetown-Greenbushes region of just over 19 per cent in the quarter, along with a quarterly downturn in Busselton of almost 5 per cent," Mr Rossen said.

Mr Rossen said that homes within the Fremantle municipal area experienced negative growth of 3.4 per cent in the quarter.

"These new and emerging quarterly downturns are worth watching closely to see if they are just caused by seasonality or whether they herald a change that might ripple through the market over the next few months," Mr Rossen said.

However, Mr Rossen emphasised that this had to be seen in the context of many regional areas having experienced very sharp and sudden rises in recent years, compared to Perth's longer and more steady growth in prices.

"It may simply be the case that the sharp prices growth in the regions is now experiencing a market correction and it may have no impact on city trends," Mr Rossen said.

Metro median to pass $400K

Mr Rossen said that REIWA is confident that its expected revised median figure for metropolitan Perth was likely to be closer to $415,000, once all final settlements were in and counted in a few week's time.

"This means Perth will likely be breaking through the $400,000 barrier for the first time, over-taking both Melbourne and Canberra and making Perth the most expensive capital city after Sydney.

"Interestingly, the strong percentage growth in prices for the year to June for metropolitan Perth occurred in the upper and lower quartiles of the market, with suburbs like Mosman Park and Dalkeith doing as well as suburbs such as Orelia and Calista.

"This suggests that those doing very well out of the current economy are grabbing the opportunity to upgrade and to buy into the premium suburbs, while prices at the other end of the market are being driven by first home buyers and investors keen to get into the market at more affordable levels," Mr Rossen said.

Units surge in price

Mr Rossen said an interesting outcome from the June quarter was the strong growth in units and apartments.

"The price of units and apartments jumped by 14.3 per cent in the quarter, indicating that affordability might be driving more people towards multi-residential dwellings as they downsize their aspirations and mortgages.

"We have seen particularly strong growth in the year to June for units in Rivervale (68.4%), Inglewood (49.7), Hamilton Hill (45.3), Leederville (41%) and Orelia (38.9%), among others, "Mr Rossen said.

The average price for a unit in Perth is now $320,000, up 33.3 per cent in the year to June. Land prices jump

Mr Rossen said the strongest growth in prices in the year to June had been with blocks of residential land.

"The median price for a block of land is now $215,000, up very strongly by 48.3 per cent over the previous year, illustrating the strong desire for people to build and also the strong investor interest in recent land releases," Mr Rossen said.

Rental

The REIWA data shows that the tight rental situation has eased a little, dropping back to a 1.8 per cent vacancy rate from 1.4 in the previous quarter.

"This accords with the anecdotal evidence we are getting from our member agents, which suggests that the rental market has relaxed a bit and people can now find it easier to find a place to live," Mr Rossen said.

Notwithstanding the increase in rental properties, the median rent for metropolitan Perth has jumped 23 per cent over the year to June, lifting the new median to $240 per week.

Statewide

Mr Rossen said that the median price for a home throughout all of Western Australia is now $378,000, having grown by 36 per cent over the year to June and by 8.6 in the quarter.

"The resources boom continues to impact on the property market in a range of ways, including strong growth in some regional areas such as Carnarvon, Karratha and Port Hedland which have experienced solid, high, double digit growth rates.

"While in the state's South-west, Bunbury, Esperance, Albany and Bridgetown have all had an exceptional year to June, with growth rates of between 39 and 46 per cent," Mr Rossen said.

Overall picture

Mr Rossen said that price signals were clearly starting to flow into the market as the number of first home buyers declines.

"However, Western Australia's economic fundamentals are still drawing strong population growth which will maintain housing demand in the face of limited supply," Mr Rossen said.



Article added by: Communications

http://www.reiwa.com...iew.cfm?Id=7501

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OFFLINE   TV_Expert #39

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Posted 16 September 2006 - 06:32 PM

The median property price figures for Australian capital cities from REIA for June Quarter 2006 have been released.

Median House Price
Sydney - $523,000
Perth - $395,000
Canberra - $380,000
Melbourne - $375,000
Darwin - $350,000
Brisbane - $326,000
Adelaide - $287,000
Hobart - $277,000

Median Unit Price
Sydney - $355,000
Perth - $320,000
Melbourne - $315,000
Canberra - $305,000
Brisbane - $280,000
Darwin - $267,000
Hobart - $228,000
Adelaide - $215,000

Source: REIA, June Quarter 2006
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Posted 31 October 2006 - 05:26 PM

From REIWA's website, dated about 2 weeks ago.

QUOTE
Reiwa.com points to $450K Perth median house price

The median price for a house in Perth has now passed the $400,000 barrier reaching $450,000 at the end of the September quarter, according to the Real Estate Institute of Western Australia's new reiwa.com House Price Measure*.

REIWA's own preliminary figures indicate that prices have grown by around $30,000 since the June quarter.

Newly elected REIWA President, Rob Druitt, said reiwa.com captures around 60 per cent of the total market and was therefore a large enough sample from which to make a confident prediction.

"What our in-house sales data are telling us is that prices are continuing to grow strongly, despite recent concerns about a possible slowdown," Mr Druitt said.

Mr Druitt said that while prices growth was continuing, the rate of growth had slowed a little and the number of houses for sale had jumped significantly.

"House prices grew by 7 per cent in the quarter, down slightly on the 8.2 per cent experienced in the June quarter.

"In terms of general market conditions, there has been a 20-25 per cent reduction in sales activity in the September quarter. Stock volumes have lifted significantly from 4,900 at the end of June to 8,800 at the end of September.

"The reiwa.com data also show that the average number of selling days has hardly changed between the June and September quarters, lifting by just one day to an average of 32 days," Mr Druitt said.

"The sales to listing ratio ,which shows the number of houses sold as a percentage of the number listed, has fallen from 92 per cent in June to just 52 per cent in September.

"What all this indicates is that while there are many more houses available for sale and people have more time to look around and choose, population growth and high household formation rates mean sustained pressure on prices and also on rents," Mr Druitt said.

Rents continue to rise across the board, with reiwa.com indicating that Perth's median rent for units, apartments and houses grew by 4.2 per cent for the September quarter to $250 per week.

The median rent for houses alone increased by 4.0 per cent to $260 per week, while units increased by 4.3 per cent to $240 per week.

"Rents have therefore increased across the board by $10 per week over the last three months," Mr Druitt said.

Mr Druitt said a sub-regional analysis of reiwa.com data for the September quarter indicates the market shifts that were starting to emerge in the June quarter have continued.

"The strongest price growth is now occurring in the middle ring suburbs, such as Bayswater-Bassendean, Belmont and South Perth-Vic Park to the east and across the City of Stirling and the North-eastern part of the City of Wanneroo.

"Initial Valuer Generals' Office data for the September quarter confirms this trend.

"Despite some indicators of a slowdown in the June quarter, the Perth house market has continued to show price growth across all market sectors over the last three months," Mr Druitt said.

Mr Druitt said that the market continues to be driven by a strong economy, population growth and constrained land supply and construction capacity.

"Affordability is starting to be an issue for many buyers and tenants and the bottom line is that we simply don't have enough houses to meet the growing need for accommodation in a booming economy," Mr Druitt said.

13 October 2006

* About the data:

This sample provides REIWA with an excellent early indication of market trends as the data is captured in real time as sales are occurring. The new REIWA.COM measure represents a new preliminary headline indicator for the overall Perth market but will still be supported by the ongoing use of Valuer Generals' Office data to provide a final quarterly median along with detailed suburb data using VGO data which is published in by REIWA and The West Australian Property Report, generally six weeks after the end of the quarter.

Article added by: Communications

http://www.reiwa.com...iew.cfm?Id=7760


Shivers, Perth is getting expensive very quickly! eek.gif no.gif
It's a very nice city (I'm currently holidaying there; my 2nd visit to the city) & combined with WA's current resource boom, it's not quite hard to see why it's quite an expensive city. Perth could soon overtake Sydney as being Australia's most expensive capital city for real estate by next year, or even by the end of this year, who knows! eyepopping.gif

Briefly, in the Adelaide market, the median house price during the September quarter is at $285,000, while the median unit price is at $218,000. I'll have to visit Adelaide someday (I've never been there; only flew over it when flying from Sydney to Perth & back), before it might get expensive in the same way that Perth went. yes.gif
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