Never has property EVER fallen by that much in WA. Even when interest rates were in the 15-20% range. The examples you are looking at are inflated inner city prices for small units/apartments ect in the Eastern States where there was a massive over supply when the demand falls.
If you're buying a property worth around 600k it would possibly cost this much in fees. I'd imagine your 1st house would be worth around 250-300k which I think you'll find fees, stamp duty and all will be in the 20-30k range. And yes - stamp duty does suck ass..
That is possibly the stupidest statement I've ever heard. The longer you wait the more it will cost. I've got mates trying to buy in Scarbs and his indecision over the last 18mths has cost him about 200k due to price increases. If you had've bought in NISMOS's area when he did - you would've doubled your money by now.
Prices have been rising in Perth at a rapid rate, BUT - interest rates are low and there is no massive hike foreseeable. Small increases -yes, but nothing in the order of 2-3% increases that would make the repayments unaffordable.
Prices fell or corrected in the 80s due to people having to get out because of the massive interest rates of around 17%. That ain't gonna happen soon. Also - if you look at the figures, the price corrections were only in the order of 2-5% AFTER they'd already risen by 40%. Only those who over stretched themselves on huge interest rates were caught out.
What is going to happen is that prices are going to steadily increase as more and more people come to the state and as WA expands and the demand increases.
By not purchasing now you're costing yourself more money because the prices have gone up and you've also lost out on the capital growth you could've had. Using that logic, my mate trying to buy in Scarbs has really lost 400k - 200k in extra cost and 200k in lost opportunity of capital growth.... scary ain't it?
Sorry for the long post - but when I see people make crazy statements as those above - it makes me a little frustrated.