Experts Predict 2019 The Year of Perth Property

Good news to start the year!

2019 is the year of the Perth housing market will end its seemingly never ending slide into oblivion, so say the experts.

Reports showed Perth property values fell by another 4.7% last year, down more than 15% over the past four years.

But the most trusted experts in the industry reckon that slide will see its end in 2019.

"The Western Australia economy is seeing an improvement in jobs growth, lower unemployment and improving resources sector, with each of these indicators rising from levels that are well below average," says CoreLogic head of research Tim Lawless.

The economy, in particular the mining sector, will be the driver to any improvement in the local housing market in 2019.

While CoreLogic does not expect much of a rebound in Perth house prices in 2019, they expect the "slide in dwelling values should find a floor" over the next year.

The prices fall has seen somewhat of a reset of property prices in Perth after the housing boom fueled by mining more that a decade ago.

Housing values are roughly at the same level as they were 10 years ago, providing one of the most affordable entry points to a capital city housing market when measured against household incomes.

Figures from CoreLogic to start the year showed the median price of a Perth house at $471,730 with median unit prices at just $370,646n about half that of values for Sydney, and well below that markets of Melbourne, Brisbane and Canberra.

Online property portal Domain has taken a step further and believes Perth values will rise again this year by 5 % and a further 3% per cent in 2020 due to better growing local economy.