Australia’s worst real estate market revealed: Major city’s house prices fall by a staggering 73 per cent in the last 10 years
- WA’s property market has fallen a staggering 73 per cent over the past decade
- Data revealed no other State or Territory performed worse than WA since 2008
- Apartments in northern parts of the state decreased by 73.3 per cent
- Houses suffered decreases by 38.4 per cent in the north and 34 per cent in the south
Australia’s worst real estate market has been revealed after bearing the brunt of the end of the mining boom.
West Australia’s property market has fallen a staggering 73 per cent over the past decade.
Data released by CoreLogic has revealed that no other State or Territory has performed worse than WA since 2008.
West Australia’s property market has fallen a staggering 73 per cent over the past decade (stock image of Perth property)
Data released by CoreLogic has revealed that no other State or Territory has performed worse than WA since 2008 (stock image of Perth property)
The report revealed that house prices in Perth were similar to those in Sydney in 2008, whereas the cities now have a $500,000 price difference in property costs.
Properties in the north and the south of the state have been hugely affected with the house values falling 38.4 per cent and 34 per cent respectively.
However, apartments in the northern parts of the state have been hit the worst with prices falling 73.3 per cent. In the southern outback they fell by 65.7 per cent.
This dramatic decrease is due to the end of the mining boom, which saw property prices skyrocket with the price of iron ore.
In contrast, the state that experienced the greatest increase in values is Sydney’s south west, where house values jumped 112.9 per cent, while in Melbourne’s south-east, property prices increased by 102.7 per cent.
Apartments in the northern parts of the state have been hit the worst with prices falling 73.3 per cent (stock image of Perth property)
This dramatic decrease is due to the end of the mining boom, which saw property prices skyrocket with the price of iron ore (stock image of Perth property)
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