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In a recent article published by the Real Estate Institute of Western Australia, the number of properties for sale in Perth has dramatically jumped up. The listings rose by almost 50 percent. In effect, house prices fall. Last February, there were about 13,300 properties that are for sale in Perth metropolis. In the same period last year, the number was only at 9,200.
The President of the said organization stated that the numbers of properties that are for sale in the region are expected to trend upwards. He further noted that the significant increase is quite unusual since it happened in a short amount of time. It is a relatively huge jump.
Several of the factors seen to have contributed to the 47 percent rise in the listings are as follows: decline in the growth of population, downturn in the construction and mining sector, high unemployment rate and low client sentiment. The president pressed on that the surging figure will influence the prices of properties for sale.
The average prices for houses in Perth have been considerably steady for the last two quarters. However, with this recent development, the situation will change soon given the lopsided supply and demand scenario.
The overall median price for houses will definitely slide down this 2015. However, this event is not likely to affect the other segment of the market. Furthermore, it is expected that more properties will be sold in the market.
Seasoned real estate agent, Barry Wood, also agreed that the prices of homes are likely to go down this year. The volume of property sales in the shorter term will drop marginally and the prices on houses will slide down on a range of 3 to 8 percent. On a more positive note, Barry Wood said that in the long term, he expects that the property sector will be doing fine.