30/07/2009 - 14:01

Mixed data for Perth's property market

30/07/2009 - 14:01

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Perth's property market has today received mixed signals from latest surveys on house prices as building approvals surge 21.1 per cent, official data shows.

Mixed data for Perth's property market

Perth's property market has today received mixed signals from latest surveys on house prices as building approvals surge 21.1 per cent, official data shows.

Two sets of data on Perth's median house prices were released today by Australian Property Monitors and RP-Data in conjunction with Rismark International.

APM showed the median house price in Perth had bucked the national upward trend, dipping 0.8 per cent from $480,204 recorded in the March quarter to $476,180 in the June quarter.

Nationally, the median house price recorded its strongest growth since late 2007, rising, on average, by 3.3 per cent in the second quarter.

The median price of units in Perth was in line with the national trend, increasing 0.6 per cent from $334,042 to $335,888

Meantime, RP Data reported that the median price of all units in Perth had jumped 3.7 per cent from the March quarter to $458,321.

The median price of houses was reported at $484,904 in the June quarter, up 1.2 per cent on the previous quarter.

"Perth values still need to see an improvement of about $30,000 before the market has 'officially' recovered to the high of $507,500 achieved in September 2007," RP Data said.

Earlier this month, the Real Estate Institute of WA said the median house price had risen by 3.5 per cent, or $15,000, to $445,000 in the June quarter.

Meanwhile, latest figures from the Australian Bureau of Statistics show building approvals in WA had jumped 21.1 per cent to a seasonally adjusted 1,888 in June.

Approvals for houses surged 22.8 per cent to 1,667, seasonally adjusted, in June.

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