Perth property listings @ 11970, figures just released.
The old 2007 benchmark of 12,000 has just been breached, let alone the 2011 adjusted figure of 13,500.
I don't think this data wil be fully appreciated until just before Christmas.
I expect this to be fantastic news for Sydney as well, we should start seeing some confidence-based turnaround in possibly the most land-locked and definitely the most populous city in the country.
I have been saying for a long time that gold and property to rise together as they both become not only a safe-haven but a re-evalutated asset (not revalued). With gold being reassessed as a tier 1 asset for international trade from Jan 1 2013, meaning no leverage, i imagine the banks might start getting aggressive into property lending for their returns instead of manipulating the Ag/Au price by naked shorting 505 tonnes in 4 hours, etc etc.
If anyone mentions the word "boom" i will hunt you down through your IP address and do really bad things to you.
We have, in WA at least, a balanced market in anyone's language; balanced being defined as one providing historically average YOY returns.
It's good to see that the fundamentals for this state have wavered little, and now the confidence should hopefully start to come back and provide us with a strong property market until 2020ish.