Perth property slow down

Perth’s runaway property market is continuing to losing steam this year after stellar price gains in 2005 to 2006, new figures released today show.

Houses and apartments in Perth took 89 days on average to sell in July, more than double the 38 day clearance period in July 2006, according to Australia Property Monitors figures reported by the ABC.

The gap between the advertised price and the final sale price has also blown out from 3.5% in July 2006 to 6% in July this year.

The picture of a dramatically slowing housing market in WA has been rejected by the Real Estate Institute of WA, whose own data from June shows that houses and flats in the resource-rich state took 61 days to clear.

REIWA president Rob Druitt says there is still significant activity in the WA housing market, with loans to first home buyers soaring by 22% in the second quarter of 2007.

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