Perth house prices on the way up

Perth house prices were up 0.3 per cent in March, and have risen in four of the past six months, according to the latest data from CoreLogic, adding to hopes of a sustained improvement in the residential property market. 

After three consecutive monthly rises from October to December, Perth prices fell in January and February before this month's positive result.  

However, house prices in Perth were still down 0.2 per cent for the quarter and 2.4 per cent annually.

Perth’s median house price now sits at $464,736, compared with the national average of $553,693.

Overall, Australian house prices were flat for the month, with a 0.2 per cent decline in capital city prices cancelled out by a 0.4 per cent increase in regional housing.

Home prices in Australia were up 1.2 per cent in the year to March, while there was a 0.5 per cent drop for the quarter.

Hobart (1.7 per cent) and Darwin (1 per cent) were the two strongest performers for the month, while Sydney and Adelaide recorded the largest fall in prices of 0.3 per cent.

CoreLogic head of research Tim Lawless said regional house prices continued to improve.

“The stronger combined regional markets performance continues a trend that began to emerge in October last year where regional housing markets  showed an overall improvement in the pace of capital gains while the combined capitals trend softened,” he said.