26 Nov '16, 4am

Perth home prices hit by oversupply | Overseas | PropertyGuru.com.sg

Oversupply amid a falling population have pushed home prices in Perth down. Despite the declining population in Perth, property developers there have created an oversupply of homes, thereby negatively affecting house prices, revealed the Reserve Bank of Australia’s (RBA) Assistant Governor Christopher Kent. Since the peak of mining investment in 2012, the population in Western Australia has significantly declined. Building approvals, however, continued to increase before peaking in 2014. “This meant that the housing supply was still ramping up at the same time that population growth was declining,” said Kent. As such, more houses were being completed than actually needed by the falling population, based on a ratio of new houses and average people per household, he said. “That is consistent with the sharp rise in vacancy rates in Perth and the adjustment to rents and housin...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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