Perth Property Prices

Reporter: Graeme Butler

Confused about the property market? It's not surprising. According to the Australian Bureau of Statistics, it's a train wreck. Perth prices have led the nation in a freefall dropping 10.1% in a year.

In the top end of town, the leafy and riverside suburbs, prices have been hit hard with falls of several hundred thousand dollars and these falls are dragging down the statistics.

While here in the more modest suburbs, first home buyers trying to beat the deadline for the government's boost are actually pushing some prices up. It's created a mini boom.

Gavin Hegney from the Hegney Property Group says first home buyers have to really weigh up the pros and cons of buying now or waiting until after June 30 which could even see prices soften to the point buyers are better off without the grant, but it's not only first homebuyers feeling the pressure.

The question for all home buyers is what will the market do? Will it shrink after June 30 when the boost runs out or has the downturn already run its course?