04/01/2022 - 10:31

Perth house prices continue to rise

04/01/2022 - 10:31

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Perth’s home values increased 0.4 per cent in December, less than half the national growth rate of 1 per cent and slowing from its August peak.

Perth house prices continue to rise
Perth house prices rose by 13 per cent during 2021.

Perth’s home values increased 0.4 per cent in December, less than half the national growth rate of 1 per cent and slowing from its August peak.

Recent CoreLogic data shows Perth property prices lifted 13 per cent during the 2021 calendar year, with annualised growth peaking at 19.3 per cent in August.

The August figures represent the highest annual growth rate since March 2007, when Perth house prices rose by 20.5 per cent.

Nationally, residential property values rose by 22 per cent in 2021 – the highest annual increase since 1988.

Perth home values rose for 11 months of 2021, with October representing the only dip at 0.1 per cent below the previous month.

Perth’s December home value index, at 0.4 per cent to a median of $528,551, was up from a 0.2 per cent jump in November.

Nationally, house price growth softened during December, lifting 1 per cent, down from 1.3 per cent in November.

CoreLogic research director Tim Lawless said as dwelling value appreciation slowed, conditions were becoming more diverse across different states.

Last month, house price changes ranged from a 0.1 per cent drop in Melbourne to a 2.9 per cent increase in Brisbane.

Brisbane and Adelaide were the only two areas where growth did not slow in December, growing by 2.9 and 2.6 per cent respectively.

“These regions show less of an affordability challenge relative to the larger capitals, as well as better support for housing demand with Queensland in particular showing strong interstate migration,” Mr Lawless said.

“Additionally, we haven’t seen the same level of supply response seen in other regions, with the trend in advertised supply remaining well below average in these markets.”

Real Estate Institute of WA president Damian Collins said during 2021 there was a “remarkable resurgence in the Perth property market” with low stock levels and strong buyer demand fuelling price growth.

“We anticipate another healthy year of price growth ahead, driven by an increase in migration once borders open which will sustain the demand for property in Perth,” he said.

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