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Perth property price recession; 24% increase in activity as investors dump financial death traps
Topic Started: 1 Jun 2012, 09:34 PM (1,439 Views)
WestAussie
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Perth property price recession sparks flurry of sales

Courtney Trenwith
June 1, 2012 - 9:27AM

The record long recession in Perth property prices has sparked a flurry of activity, with sales volumes now above the five-year trend.

The increased interest in the market also has helped to slow the decline in median property values, which fell by 1.7 per cent to $460,000 in May, according to RP Data results released today.

According to the Real Estate Institute of WA, sales in Perth increased 24 per cent during the past two months to 6979 properties.

“Prices seem to be holding steady, but there is no question that buyers are more active and there is growing consumer confidence in the property sector,” REIWA president David Airey said.

Competition in the market could strengthen with the number of properties listed for sale declining to about 13,000, from a peak of 18,000 last year. About 12,000 is considered balanced.

Read more: Tale of two opinions
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Alec Smart
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WestAussie
1 Jun 2012, 09:34 PM
Perth property price recession sparks flurry of sales

Courtney Trenwith
June 1, 2012 - 9:27AM

The record long recession in Perth property prices has sparked a flurry of activity, with sales volumes now above the five-year trend.

The increased interest in the market also has helped to slow the decline in median property values, which fell by 1.7 per cent to $460,000 in May, according to RP Data results released today.

According to the Real Estate Institute of WA, sales in Perth increased 24 per cent during the past two months to 6979 properties.

“Prices seem to be holding steady, but there is no question that buyers are more active and there is growing consumer confidence in the property sector,” REIWA president David Airey said.

Competition in the market could strengthen with the number of properties listed for sale declining to about 13,000, from a peak of 18,000 last year. About 12,000 is considered balanced.

Read more: Tale of two opinions
The Real Estate Institute of WA is a private organisation that represents the commercial interests of real estate agents in Perth and WA see http://www.reia.com.au/real-estate-sector-australia-roles.php

They are sales agents and marketing specialists. REIWA use their own sales database. The REIWA database does not represent 100% of sales. The WA State Gov Dept Landgate does represent 100% of sales. See http://www.landgate.wa.gov.au/corporate.nsf/web/Property+Information

REIWA always have a commercial bias towards representing the best interest of its members, who are real estate sales people. REIWA stats will always be biased. You might try focussing on Landgate stats instead.

I cannot seem to find the stats quoted in the WA Today article. Can you refer me to the stats as published by REIWA?

WA Today is owned by Fairfax Media see http://www.fairfax.com.au/
Fairfax media owns Domain.com see http://www.domain.com.au/
Fairfax media owns Australian Property Monitors see http://apm.com.au/AboutUs.aspx?AspxAutoDetectCookieSupport=1

Fairfax media is not an independent impartial provider of information about the Australian property market. Fairfax media has a commercial bias towards encouraging property buying, as it relies on advertisting revenue for its different business models.

To be fair you may find the REIWA and Fairfax media offer commercial bias in their reporting and communication of information.

Therefore the WA Today article http://www.watoday.com.au/wa-news/perth-property-price-recession-sparks-flurry-of-sales-20120601-1zlph.html is not a reliable impartial objective source of information.

It may well be more spruiking!
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