Posted on Thursday, March 31st, 2011 in by Matt Garmony
RP Data Rismark has reported Perth’s median house prices has fallen in the last quarter by 1.9% to $465,000 making Perth the second worst performing capital city behind Brisbane with the nations highest reported mortgagee repossessions, in these cities contributing to the falls. Also continuing to fall are residential building approvals. However, other reports indicate there are labour shortages, associated wage pressures and other cost stress for businesses have reduced the short term confidence of WA Employers.
This uncertainty in the economy is being reflected in the sluggish residential property market. The commercial market remains relatively static, however there are early signs that there will be an increase in demand for office accommodation, which may result in a rise in office rents in the medium term.
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