Australian city 'bouncing back'

The city of Perth in Western Australia is seeing a property market recovery, it has been stated.

Valuation manager at Propell National Valuers Travis Coleman told the New York Times that Perth had gone through a period of boom up until 2007, overtaking Sydney to become the costliest place to buy a house in the country.

However, the paper reported, this was followed by a 12 per cent slump in prices until a recent rebound began on the back of new mineral and fossil fuel projects in the state.

The average house price in the city is now AUD375,000 (GBP202,000).

A recent survey by St George Bank of the best long-term value-for-money places to buy in Australia highlighted Bassingdean as the city's most favoured location, with Thornlie also recommended.

Bassingdean was described as "one of the few suburbs within the inner ring which still has a median house price belowAUD500,000."

Like this? Then share with your friends and colleagues!