Property Streets

Reporter: Natalie Bonjolo

2008 was a great year for our Olympians. WA's sports stars soared to new heights in Beijing, but back in Perth, our property prices fell like never before. If you thought prices had plummeted as far as they could go, well buckle up.

Residex have crunched the numbers and boss John Edwards is predicting a bumpy ride for Perth home owners.

"Overall we could see an adjustment as much as 7%" says John Edwards.

That's right, a further slump of 7%. That's on top of the 11% Perth property prices have already fallen in the past year. The hardest hit in the whole country.

For the first time Today Tonight can tell you the exact Perth streets that dropped the most in value and the ones set to soar. Those 40 streets a little later, but first how has your suburb faired in the price plummet?

The Real Estate Institutes David Airy says the backward slide has been hit and miss with some suburbs even gaining ground.

"Where the markets held up well is the property in the $250,000, $300,000 to $500,000 range. They are still in strong demand" says David Airy.

Suburbs Selling Well...

East

Armadale

Kelmscott

South

Rockingham

Kwinana

North

Waneroo

Suburbs Hardest Hit...

"The western suburbs and some river areas are probably down 20%".

Despite the price plummet rents have skyrocketed.

"Strangely in a market where prices of established homes are falling, rentals are up 11%, houses up 9% and units up nearly 15%" says David Airy.

According to Residex, rents could rise even further.

A trend sweeping through the more expensive suburbs, where homeowners are struggling to sell.

"In all markets that have adjustment going on, you can expect the top end of the market to adjust first and the most, so you can expect the worst performing streets in those areas will be found in the very high end of the market" says John Edwards.

So, what are the streets to make that list? Those that dropped the most in value and those that did well?

Here are Residex's top 20 streets…

20. Lucas Street in Willagee

19. Banks Avenue in Hillarys

18. Sporing Way in Hillarys

17. Elliott Road in Trigg

16. Wichmann Road in Attadale

15. Berwick Street in Victoria Park

14. Nicholson Road in Beckenham

13. Gloucester Street in Victoria Park

12. Swan Road in Attadale

11. Cargill Street in Victoria Park

10. Paterson Road in Pinjarra

9. Leach Highway in Bateman

8.Teague Street in Victoria Park

7. Manchester Street in Victoria Park

6. Wisteria Crescent in Pinjarra

5. Alvan Street in Mount Lawley

4. Camp Road in Pinjarra

3.Thelma Street in Como

2. Riley Road in Claremont

1. Foreshore Drive in Singleton

Those that didn't do so well…

20. Hoyton Place in Parmelia

19. Newport Way in Balga

18. Blanc Close in Caversham

17. Jameson Street in Mosman Park

16. Aachen Crescent in Gwelup

15. Derrington Crescent in Balga

14. Dilali Road in City Beach

13. Chivrell Rise in Gwelup

12. Elward Way in Balga

11.Wanneroo Road in Balga

10. Rockton Road in Nedlands

9. Arnott Street in North Beach

8. Lochee Street in Mosman Park

7. Gill Street in Mosman Park

6. Brookside Gardens in Caversham

5. The Boulevard in City Beach

4. Ison Court in Caversham

3. Meath Mews in Mosman Park

2. Monash Avenue in Nedlands

1. Grantham Street in Floreat

The figures are based on sales in the past three months, but according to REIWA it's not an accurate reflection of each street's value.

Whether your home is on the best or worst hit list, REIWA reckons you'll still do well in the long run.

"Over the long term real estate always goes up. Our long term averages are now adjusting from this boom market to a nice steady level market" says David Airy.

Sometimes in real estate, the trick is in the timing. By studying the ups and down you can buy a bargain or sell when your street is hot.

In today's market the most important thing is to actually get out there and make sure you get a bargain because in this market you don't want to buy a property and pay too much and have it fall".