Perth a ‘standout’ in house price growth

House prices in Perth are continuing to rise at a faster rate than any other city, as national property database CoreLogic describes the city as a standout among the capitals.

CoreLogic’s current national home value index showed an 1.6 per cent uptick for Perth to a median value of $676,823 in January, following a 1.5 per cent increase in December.

Home values in the Western Australian capital again outpaced national growth, of 0.4 per cent in January, but Perth remains one of the most affordable cities, given the national median of $759, 437.

The city is the third most affordable capital behind Darwin and Hobart, which have median home values of $501,520 and $651,807.

In December, Perth’s house prices rose above Hobart’s for the first time since March 2018.

Hobart’s home values declined by 0.7 per cent, to a $651,807 median, last month.  

Sydney continues to be the most expensive capital, with a $1.12 million median.

Melbourne, Canberra were the other two states to dip in value in January, by 0.1 per cent and 0.2 per cent respectively, to $777,250 and $842,971 median house prices.

Source: CoreLogic

CoreLogic research director Tim Lawless described Perth as a standout among the capital cities for a persistently rapid rate of capital gains.

“Perth home values rose a further 1.6 per cent in January, on par with the city’s growth trend in November and December and only slightly lower than the recent high of 1.8 per cent recorded in October," he said. 

“The western capital continues to see housing demand outweigh supply, helping to push values 16.7% higher over the past 12 months. Despite that, housing prices remain relatively affordable compared with most capital cities, with the median dwelling value sitting just under $677,000.”

REA Group’s Proptrack reported a 0.5 per cent increase in Perth’s home values for January, to a $640,000 median.

This is 15.45 per cent higher than 12 months ago and 50 per cent higher than March 2020.