03/07/2017 - 10:44

Perth house prices lift slightly in June

03/07/2017 - 10:44

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A small turnaround in Perth dwelling values last month helped stave off a negative quarterly result, as the Western Australian capital continues to battle a persistently subdued market.

Perth house prices were up 0.1 per cent in the three months to June. Photo: Attila Csaszar

A small turnaround in Perth dwelling values last month helped stave off a negative quarterly result, as the Western Australian capital continues to battle a persistently subdued market.

Perth house prices increased by 1.4 per cent in June, according to the latest monthly report by CoreLogic RP Data, with a median of $484,000.

In the three months to June, house prices in Perth were up 0.1 per cent, but were still down 1.7 per cent year-on-year.

On a national level, capital city dwelling values rose 1.8 per cent in June, recovering from a 1.1 per cent fall in May.

But a 0.8 per cent quarterly increase made it the slowest growth rate over a three-month period since national housing prices fell over the December 2015 quarter.

“This trend towards lower capital gains across the combined capitals index is most attributable to softer conditions across the Sydney housing market, where quarter-on-quarter growth was recorded at 0.8 per cent over the June quarter, down from 5 per cent over the March quarter,” CoreLogic head of research Tim Lawless said.

“In contrast, the quarterly trend in Melbourne has been more resilient, with growth easing from 4.2 per cent over the March quarter to 1.5 per cent over the three months ending June.”

In the Perth rental market, conditions remained subdued, with rental growth falling by 8.3 per cent over the past 12 months, while nationally capital city rents pushed 2 per cent higher.

Last month, property analyst BIS Oxford Economics said the residential property market in Perth was still yet to bottom out.

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