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Prices for property in Western Australia have dipped by 30 percent based on information released by the Real Estate Institute of WA.

Now is the best time to buy property in the area. In Perth alone, there is a 40 percent oversupply of property, forcing sellers to either agree to a lower price or wait when prices have gone up. The Real Estate Institute deputy president David Airey said in Perth:”There’s around 17,500 residential properties on the market which is somewhere like 5,000 properties more than our normal long term average.”

“It’s a fabulous time to buy, certainly not a good time to be selling if you don’t have a reason to sell.”

Perth suburb, Peppermint Grove, is now the most expensive area in the region with average prices rising by as much as 95 percent according to the Australian Bureau of Statistics data compiled from 2008 to 2009 and compared to 2004 to 2005 figures. Currently, an average house in Peppermint Grove is priced close to US$4.5 million.

The data is affected by the presence of a number of high-priced sales. “With sales as there have been in that area for $9/10/11 million in the last year or 18 months it’s thrown this huge curve up,” Airey added. Following Perth, Mosman Park suburb has the highest average property value which increased to 210 percent to US$1.5 million. The suburb is situated along Stirling Highway with Perth 14 kilometers away.

Source: http://au.ibtimes.com

Tags: investing, news, property, real estate, research

Posted in News, Research

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