In our last post, we argued how the evidence from our clients and our site pointed to the fact that the property market had already bottomed, probably in March 2009 (as we had noted, at the time).
Not everyone agreed, but as someone wise once said, 'at the bottom of the market there is no one around to ring the bell'. But, as things get better, people tend to notice, and if evidence convinces most of us that the worst is behind us, so this feeds more positive sentiment, which then becomes self fulfilling.
More evidence is now pointing to a clear sign that property market improved in the June quarter of 2009.
Out of 273 suburbs across the Perth metro region, 71 saw their median (middle) price rise and 80 stayed the same. Put it another way, less than half fell, and the overall Perth median price remained the same at $430,000. In the previous (March) quarter, only 36 suburbs saw their median price rise, 53 stayed the same, and no less than 184 (68% of them) went down. Going back another three months, in December quarter 2008, 171 (63%) of suburbs fell across Perth metro.
As the market turned the corner from the March to the June quarter, so prices were still adjusting. In the March quarter 2009, 21 suburbs had a median price over a $1million. Three months later, 5 suburbs had dropped out of the $1million club. The top 16, as of June 2009, is shown in the table shown (together with the change in their position since March 2009).