Perth Housing Downturn Sees Homeowners Turn To Renting

Perth Housing Downturn Sees Homeowners Turn To Renting: "Some desperate Perth homeowners battling to sell their properties are turning to the rental market to ride out the tough times.

As the market for sales stagnates, those homeowners suffering mortgage stress and unable to offload their properties have turned to renting them out to pay the loan.

Home prices down but most ahead - The West Australian

Home prices down but most ahead - The West Australian: "WA homes are worth less than they were in 2007 but values have jumped nearly 50 per cent since the pre-boom days of 2005, according to new research.

Real estate consultancy RP Data shows property values have taken a battering in recent years, with the State median for all dwellings sitting 1.6 per cent lower than at the peak of the boom.

The median for both homes and units was now $460,000 in WA, slightly down from $467,000 in mid-2007.

Joye offers US guru $100m housing bet | The Australian

Joye offers US guru $100m housing bet | The Australian: "CHRISTOPHER Joye, an Australian property market bull, yesterday offered US guru Jeremy Grantham a $100 million bet on house prices.

.Mr Joye, managing director of property research group Rismark International, challenged his equally vocal sparring partner, GMO Capital founder and chief investment strategist Mr Grantham, to put his 'money where your mouth is' on the issue of whether Australia really is in a property bubble.

Mr Grantham's downbeat views on Australia's home prices were 'sensationalist and spurious', Mr Joye said.

He challenged Mr Grantham to bet the $100m over a three-year term, basing the outcome of the bet on movements in the RP Data-Rismark Australian Capital Cities Dwelling Price Index.

For every 1 per cent rise in the index, Mr Grantham would pay $1m, Mr Joye said. But for every 1 per cent decline in the index, Mr Grantham would receive $1m.

Still Speculating In Australian Housing: More Punch, Mate! - Great Speculations - Buys, holds, and hopes - Forbes

Still Speculating In Australian Housing: More Punch, Mate! - Great Speculations - Buys, holds, and hopes - Forbes: "Leading up to Japan’s bursting real estate bubble in 1990, we were told that this time was different: house prices simply reflected the growing economic power of Japan Inc. and there was a land shortage in overcrowded Tokyo. Today, Japanese real estate prices are still less than 50% of that peak value reached more than two decades ago. During the U.K. bubble, Brits blamed zoning requirements for creating land shortages until prices crashed to the lowest multiple of income on record in 1997. Similarly, builders in Northern Ireland predicted severe housing shortages if planners did not release more land in 2003. And before America’s bubble burst, there were land shortages across the country, from Florida’s undeveloped west coast to the deserts of Nevada.

While prices at home have already fallen 30% from their peak, they’d have to fall another 45% just to reach the long term trend, which according to Robert Shiller, has been flat in real terms for three and a half centuries!!

Aussie Housing Bubble Gets Popped With Chinese Credit Crash - Great Speculations - Buys, holds, and hopes - Forbes

Aussie Housing Bubble Gets Popped With Chinese Credit Crash - Great Speculations - Buys, holds, and hopes - Forbes: "Australian real estate is at 7.5 times family income today – twice the price it should be according to GMO data, and needs to decline by over 40 percent to return to trend.

Three homes repossessed a day - The West Australian

Three homes repossessed a day - The West Australian: "More than three WA families every day are having their house repossessed, with banks foreclosing on 306 properties between July and September.

The latest statistics show the foreclosure rate is currently at one of its highest in the past decade, with more homes taken in the past quarter than in almost any other three-month period since 2000.

Housing price slump - ABC News (Australian Broadcasting Corporation)

Housing price slump - ABC News (Australian Broadcasting Corporation): "Figures from the Real Estate Institute of WA for the September quarter show Perth's median house price has fallen by $20 000, whilst the median land price has skyrocketed.

More sellers forced to cut home prices - The West Australian

More sellers forced to cut home prices - The West Australian

Perth housing market slumps to 20-year low - The West Australian

Perth housing market slumps to 20-year low - The West Australian: "'Some areas are experiencing the strongest buyers' markets we've seen in decades,' Mr Bourke said. 'There are some nervous investors out there who are worried about rising interest rates and weak rental yields.'

US beachfront homes a bargain - The West Australian

US beachfront homes a bargain - The West Australian: "The median-priced house in Perth, at $480,000, is 6.2 times the average annual male income and 8.4 times the female wage.

In the US, homes are about three times the average household income.

Prices down as Perth property market floods | Perth Now

Prices down as Perth property market floods | Perth Now: "HOUSE prices in Perth are on a downward trend with sellers reducing asking prices by 6 per cent as the local market floods with properties for sale, according to the Real Estate Institute of Western Australia.

Median house price drops by $20,000 - The West Australian

Median house price drops by $20,000 - The West Australian: "Perth's median house price has dropped from $500,000 to $480,000 as the top end of the market continues its sluggish run.

The Great Australian Housing Bubble -- Seeking Alpha

The Great Australian Housing Bubble -- Seeking Alpha: "Is Australia’s housing market a debt-fuelled time bomb underpinned by ‘Ponzi finance’ that requires the ‘greater fool’ and ever-increasing levels of debt to perpetuate it? Or are current valuations justified? Let’s examine the data.

Perth leads nationwide property price fall | Perth Now

Perth leads nationwide property price fall | Perth Now: "NEW figures show Perth as the worst performing capital city with property values falling nearly 5 per cent amid a backdrop of a softening housing market.

City home prices slide for third month - ABC News (Australian Broadcasting Corporation)

City home prices slide for third month - ABC News: "Perth experienced the biggest falls, with home prices sliding 4.8 per cent during the three months to August, while Brisbane values were also down 2.3 per cent and Melbourne property values dropped 1.5 per cent.

Housing bubble debate boils over - ABC News (Australian Broadcasting Corporation)

Housing bubble debate boils over - ABC News (Australian Broadcasting Corporation): "The simmering debate about whether Australia has a housing bubble erupted again this week over a Commonwealth Bank presentation that seeks to assure global investors Australian real estate is a safe bet.

House prices take another hit - The West Australian

In Perth, the median house price dropped another 0.8 per cent in July to be down 2.6 per cent over the past three months, to $485,000.

House prices take another hit - The West Australian

Softening Demand & Softer Prices & More Property for Sale - REIWA

Buyers are back in the driving seat according to the Real Estate Institute of WA’s June quarter property market results.

The Perth median house price fell 2.5 per cent to $490,000 from the revised March result of $502,500. REIWA President Alan Bourke said, “Perth's median house price dipped back below the $500,000 mark to $490,000 in the preliminary June Quarter results, but remains almost 9 per cent higher than at the same time last year.”

Softening Demand & Softer Prices & More Property for Sale - REIWA

Property price plunge for Perth

The fourth survey of Perth property prices in little more than a week has proved to be among the most pessimistic of them all.

The Real Estate Institute of WA's June quarter results show the median price in the metropolitan area fell 2.5 per cent, to $490,000 on the March figure.

Property price plunge for Perth - WA Today

Rate rises blamed for property woes - The West Australian

Perth's property market has come to a skidding halt, with the latest industry data showing sales are at their lowest level since December 2008, median values have fallen and most vendors are dropping their asking price.

Rate rises blamed for property woes - The West Australian

More sellers cut prices as oversupply bites - The West Australian

Latest figures from the Real Estate Institute of WA show 61 per cent of WA vendors are reducing the original asking price of their homes by an average of 5.8 per cent.

More sellers cut prices as oversupply bites - The West Australian