30/06/2009 - 11:50

Perth house values dip in 2009: survey

30/06/2009 - 11:50

Bookmark

Upgrade your subscription to use this feature.

House values in Perth have bucked the national trend, dipping 0.5 per cent during the first five months of the year, new figures show.

Perth house values dip in 2009: survey

House values in Perth have bucked the national trend, dipping 0.5 per cent during the first five months of the year, new figures show.

RP Data-Rismark International's latest monthly home value index showed Perth as the only mainland capital city in the country to record a decrease in home values, with the average dwelling value at $468,052.

The median house value was recorded at $475,481, down 0.52 per cent over the first five months of calendar 2009. Houses up for sale spent an average 31 days on the market.

Compared to May last year, house values in Perth fell 4.52 per cent.

The median value of units in Perth values dipped 0.3 per cent over the first five months of 2009 to $440,783 and recorded the shortest time on the market at 23 days.

Year on year, unit value dropped 5.07 per cent.

"Although Perth is currently Australia's softest market, the slow performance needs to be viewed in light of the spectacular (and unsustainable) growth in Perth values between 2005 and 2007," the report said.

"Annualised price growth peaked around 45 per cent during the middle of 2006."

Nationally, home values rose 3.9 per cent over the 2009 calendar year so far with the median dwelling value at $468,819, just 0.1 per cent or $520 shy of it peak in February 2008.

During the 12 months to May 2009, home values have increased by 1.6 per cent.

Melbourne was the best performing city with values up 6.1 per cent to $443,811 while home values in Darwin climbed 5.5 per cent to $444,846.

Sydney rose by 5.2 per cent to $529,785, Brisbane gained 2.6 per cent to $432,101 and Adelaide crept 0.5 per cent to $396,839.

Sydney hosted the highest median house and unit values with $582,543 and $442,994 respectively.

Adelaide had the most affordable houses with a median value of $412,516 while Brisbane had the most affordable units at $327,982.


STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options