Perth home values rise 0.3 per cent
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House prices in Perth have risen by 0.3 per cent in February, below the national increase of 0.6 per cent but above Sydney and Melbourne’s figures.
Recent CoreLogic data shows Perth’s median dwelling price rose modestly to $535,335 in February, up from $531,243 in January, when the state showed a 0.6 per cent uptick in dwelling values.
Sydney posted its first decline in housing values since September 2020, with a 0.1 per cent decline to $1.1 million, and Melbourne displayed no change from the previous month at a $799,756 median home value.
Nationally, while it was the 17th consecutive month of growth of housing values, February marked the slowest monthly growth reading since October 2020.
CoreLogic research director Tim Lawless said every city was now showing slowed growth, with regional Australia showing the strongest gains in recent months.
“Sydney and Melbourne have shown the sharpest slowdown, with Sydney posting the first decline in housing values since September 2020, while Melbourne housing values were unchanged over the month, following similar results in December (-0.1 per cent) and January (+0.2 per cent),” he said.
“Conditions are easing less noticeably across the smaller capitals, especially Brisbane, Adelaide and Hobart, where housing values rose by more than 1 per cent in February.
“Similarly, regional markets have been somewhat insulated to slowing growth conditions, with five of the six rest-of-state regions continuing to record monthly gains in excess of 1.2 per cent.”
Annually, Perth housing prices have grown by 8.6 per cent, compared with 20.6 per cent nationally.
Real Estate Institute of WA president Damian Collins said Perth’s property market was on track for another year of growth.
“REIWA members across Perth are reporting strong market conditions,” he said.
“We don’t anticipate the demand for property changing any time soon, especially with borders set to open this week.”
He added that despite strong market conditions, Perth still has the most affordable median house sale price of any capital city in the country.
Suburbs that showed the largest increases in median house prices included Nedlands, up 2.4 per cent to $2.1 million, Hammond Park, up 1.9 per cent to $525,000 and Mount Nasura, up 3.1 per cent to $490,000.