Goodbye 2011, Hello 2012!!!

As 2011 draws to a close we can reflect on what has arguably been the worst year for Perth property prices and the number of transactions for over 25 years. The Real Estate Institute of Australia in it’s latest “Market Facts” reports that house prices in Perth declined by 6.3% over the September quarter, to be down by 8.2% for the whole 12 month period.

In dollar terms the median house price fell by $40,000 in the 12 months from September 2010 to $450,000. In the boom of 2006 the median price reached $515,000 at one point, so its been downhill ever since.

Landgate, which records all property transactions in WA, stated that residential property transactions had fallen by 40% since 2006.

Renters are also doing it tough at the moment with rents increasing by 2.6% over the September quarter to be 5.3% higher at $400 per week over the year.

The GOOD NEWS is that interest rates have started to decline and wages are up. Western Australia has the lowest unemployment rate in the country and according to recent reports the ‘Real’ Mining Boom hasn’t even started yet.

So in spite of worsening economic conditions in Europe, which will inevitably effect the rest of the world, Western Australia is probably the best place to be for the next few years at least.

Personally, I am looking forward to a productive year in 2012 and we are working on some great marketing ideas which will see us increase sales and grow our property management business.

Thank you for reading my blogs over the past year or so. I hope you have found them to be of some interest and even useful.

Remember our Compeititon which will end at midday on Monday December 19. Simply become a Facebook Friend of Bernie Kroczek Real Estate Fan Page by clicking on the ‘Like’ button on the Fan Page. Then enter the competition for an iPod Touch, worth $199.00 and you could be a WINNER!

Even if you already own an iPod you can always give it away for Christmas and make someone else happy too.

Best wishes and Merry Christmas!

Thanks for tuning in, and let me know what’s on your mind …. ->

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