No such thing as “Australian Property Market”

19 Mar 2019| Posted by: Geoff Baldwin

Almost every day there is a report of some kind on the Australian Property Market however to throw every state and territory into one bag is irresponsible to the point of ridiculous according to RE/MAX WA MD, Geoff Baldwin.

By way of example, when NSW and Victoria were booming not so long ago, QLD was just recovering, NT was going backwards and WA was also doing it tough. Now, as NSW and Victoria are on an inevitable downward slide following their crazy boom years, lazy observers bundle every other state into the same basket which is irresponsible and extremely damaging.

In 2008 WA average prices were the second highest in the Country and were only around $100,000 below the average price of a Sydney home  however, due to the boom in the eastern States coupled with a slide in local prices over the same period, WA properties are now approximately only 55% of those in Sydney making us one of the most affordable markets in Australia.

It’s time the property markets in each state were reported on accurately and relative to their own unique situations rather than lazily bundling the lot and referring to it as the Nation Market Mr Baldwin said.

Note - Attached graph shows Perth prices compared to Sydney in 2007 and now in 2019 highlighting how different states reflect different markets at different times.