Rockingham house prices at pre-2005 levels
Perth real estate prices are now the most affordable in the country, with one local agent saying Rockingham home prices are at their most affordable in more than 10 years.
Housing Industry Association figures last month showed that Perth remained the most affordable market of any of Australia’s capital cities for average families.
The HIA’s quarterly housing affordability report revealed that its index of housing affordability showed Perth had improved 5.7 per cent over the past year.
Professionals Rockingham director and sales executive Craig Small said homes in the Rockingham area were particularly affordable.
“The capital gains that were made during the WA mining boom have now disappeared,” he said.
“Prices have steadily declined over an extended period and are now at levels not seen since 2005.”
Ray White Rockingham Baldivis director Elsie Corby agreed, and said homes in the greater Rockingham area were at their most affordable level in many years.
“Prices have softened after the end of the mining boom; and economic downturn, especially in the outlying Perth suburbs like ours,” Ms Corby said.
“Despite this, buyer activity has been on the increase in the past couple of months as confidence is returning to the market and the WA economy is bouncing back.”
“Its a case of 'Swings & Roundabouts' as most people selling are also then buying a new home, so what they may be missing out on in the sale is made up by buying a new home at a more affordable price.”
Mr Small said sales volumes were lower during 2018 than in previous years throughout the metropolitan area, and this was also the case in the Rockingham area, but 2019 had started off well, with a substantial increase in buyer activity during January.
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