00:03Across Australia, house prices have largely been moving in different directions, until now.
00:09House prices declined across every single capital city this quarter, which is the first time we've seen this occur since
00:162011.
00:17According to the latest data from Domain, the median house price across the capitals fell 4.7 per cent between
00:24July and September,
00:25Perth recording the sharpest decline, with prices down 7.4 per cent, yet still nearly 7 per cent higher than
00:34a year ago.
00:35We are expecting prices to continue to fall. Ultimately, we do have very weak confidence out there amongst buyers.
00:42A lot has happened this year, all amalgamating together, and those headwinds are really making a cautious buyer.
00:48But while house prices are falling, rents are heading in the opposite direction in WA, with no reprieve on the
00:56horizon.
00:57It has gotten so bad that I've had to access superannuation to afford to pay my rent.
01:03Five years ago, people were paying, on average, $349 per week for their rent, and now they're paying close to
01:11$750.
01:12A report from the Make Renting Fair Alliance finding since 2021, rents have increased seven times more than wages, and
01:21almost six times more than CPI.
01:23Is it time for rent caps to get that under control?
01:27Look, we're absolutely committed to strengthening the protection for tenants and for renters, but any changes to tenancy laws have
01:34to be balanced.
01:35You have to balance tenancy protection with the supply of rentable homes.
01:41The Premier not ruling out a 2% annual rent rise cap, but not exactly on board either.
