Recent data shows a surge in Perth’s house values over the past three months, following the reopening of the state’s border in March.
Recent data shows a surge in Perth’s house values over the past three months, a rise attributed in part to the reopening of the state’s border in March.
CoreLogic’s updated data shows a 2.2 per cent growth in Perth’s house values over the three months to June, with fewer than 20 markets recording a decline in values in the recent quarter.
However, CoreLogic said Perth housing values remained the lowest of any capital city in Australia.
Its Home Value Index showed national dwelling values declined 0.2 per cent in the past quarter, with every capital city and broader rest of state region well past their peak rate of growth.
CoreLogic’s Mapping the Market tool found 41.9 per cent of house and unit markets declined in value in the June quarter, compared to the 23.6 per cent of markets recording a fall in the previous quarter.
Despite being the country’s most affordable capital city house market, the data found 18.9 per cent of Perth’s suburbs recorded a median house value of more than $1 million in June, while five, or 1.8 per cent, recorded a median in excess of $2 million.
The Home Value Index for Peppermint Grove fell by 1.1 per cent in the last 12 months, despite the surrounding western suburbs recording a rise.
CoreLogic map data shows house values over the past 12 months rose by 12.7 per cent in Cottesloe, 11.3 per cent in Nedlands, 8.6 per cent in Swanbourne, 5.8 per cent rise in Mosman Park, 5.1 per cent in Dalkeith, 4.9 per cent in Subiaco and 4.2 per cent in Claremont.
According to the index, house values in Bicton fell by 1.6 per cent in the past year, the only suburb in the Perth metro's south western suburbs to do so.
Home values in the surrounding suburbs experienced a rise over the past 12 months, with 9.3 per cent in Fremantle, 9.2 per cent in East Fremantle, 6 per cent in Alfred Cove, 3.9 per cent in Applecross, 2.2 per cent in Attadale and 2.1 per cent in Ardross.
Perth units recorded a similar surge in values, increasing 1.1 per cent over the June quarter to a median price of $412,149.
CoreLogic economist Kaytlin Ezzy said units nationally had proven to be slightly more resilient than house markets, due to affordability.
“While units in some of those more expensive inner-city areas are starting to decline nationally, fewer unit markets fell over the quarter than houses,” she said.
Two Perth suburbs recorded a median unit value of more than $750,000 being Swanbourne with $896,869 and North Fremantle with $822,988.
