Perth’s Tumbling Home Prices Outpace Australia, APM Says

Property prices in Perth, the center of Australia’s mining boom, may fall further this year after slumping the most out of any state capital in the past 12 months, an Australian Property Monitors economist said.

“Perth will probably bottom out toward the end of the year and we’re not looking at a positive turn around until next year’s first quarter,” Andrew Wilson, senior economist, said in a phone interview from Sydney yesterday. “There’s entrenched low buyer and seller confidence in the market and it’s hard to turn that around.”