Saturday, October 16, 2010

Sellers cashing out en masse in Perth

Prices down as property market floods
The number of properties on the market has steadily increased over the last year and has now reached 16,000 - the highest level since December 2008," he said.
Mr Bourke described "notable increases" in listings in certain areas with a 26 per cent rise in Melville, 21 per cent in Stirling East, 19 per cent in Swan and a 17 per cent jump in both north-east Wanneroo and in Bayswater-Bassendean.
Good sign, in a way, that sellers realize they have to discount fast and furious to bank the profit they have.

Perth is a unique case, so not sure how generalizable these numbers are, or whether it's the start of a broader trend. They are a large city sitting in total isolation. I doubt this will set off selling discounts elsewhere in Australia. Too easy for dwellers in Sydney/Melbourne/etc to say, it's different here from there. And that would be correct.

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