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WA Today: Perth property market 'Worst in 10 years'.

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Another Monday, another Perth property market summary, front page headlines on the WA Today website.

The West's Sunday property section said that there were 21,000 homes for sale in Perth, the highest on record and yet 8 months back all the papers were full of housing shortage stories.

http://www.watoday.c...1206-18ma0.html

Perth property market 'worst in 10 years'

Chalpat Sonti

December 13, 2010 - 7:20AM Real estate agents are saying conditions in Perth are the worst they've seen in a decade.

It's fair to say the Perth property market has been nicely set up for buyers in the past six months

A median price edging its way downwards and an oversupply of properties - coupled with a future of increased demand thanks to possible resources, employment and population booms - would normally be ideal conditions for those looking to get into housing.

But that has not exactly been the case, with many real estate agents reporting lacklustre interest - in some cases 15 per cent price falls and the worst conditions they can remember for at least 10 years.

Latest Real Estate Institute of WA figures show more than 17,000 properties for sale, about 4000 more than is considered the equilibrium level where supply matches demand, and twice as many as were on the market at the height of the last boom.

The median house price - depending on the analyst - has come down from as high as $520,000 to somewhere around $460,000 to $480,000 this year.

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On the other hand, Mr Sleator said many of his Singaporean and Irish clients had cashed out of the Perth market, due to the strong Australian dollar delivering them good capital gains.

HA HA HA HA, Irish cleints have cashed out Mr Sleator. Why do you think that is then? They know exactly what a bubble feels like, looks like and smells like.

I wasn't aware of Irish buying up Aussie property for capital gains and as a currency hedge :rolleyes: , the media missed that one. Mr Sleator has probably spoken to some Irish migrants who are cashing out as they've seen this all before and they are now renting.

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Poor kids of the REAs no commissions - no PS3 for christmas. Just a pair of socks and jocks.

Lovely day in Perth today tho. :thumbsup:

pop by the local ray white office and give them 5 bucks no wants to see a kid go with out the latest toy. it would be almost worth it just to piss them off.

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pop by the local ray white office and give them 5 bucks no wants to see a kid go with out the latest toy. it would be almost worth it just to piss them off.

I will. Gold. :notworthy:

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pop by the local ray white office and give them 5 bucks no wants to see a kid go with out the latest toy. it would be almost worth it just to piss them off.

give their kids a deck of cards and tell them to make a house out of it.

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