Perth finished as the weakest performing capital city with a decline of -3.0%.
The only two capital cities to record a reduction in dwelling values for the year to date have been Perth and Darwin where home values have been drifting lower since 2014.
Perth dwelling values have reduced by 3.9% over the first half of 2016, taking dwelling values 7.4% lower since the market peaked in December 2014.
Housing market conditions in both Perth and Darwin are suffering from reduced housing demand resulting from a sharp downturn in migration and weaker employment opportunities.
Rental rates have also fallen substantially in both cities, highlighting that lower housing demand is not confined to home buyers but also renters.
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Adelaide Housing Market Update [Video] – July 2016
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