Perth outpaces national home price growth

Perth’s home values are continuing to increase, with recent data showing a 0.9 per cent lift in CoreLogic’s home value index to a median value of $607,083.

The city remains the second most affordable capital behind Darwin, which has a $496,136 median home value, and well below the national average of $732,886.

House prices in Perth have grown by more than $9,000 since July, when home values also lifted by 0.9 per cent.

Nationally, home values in August grew by 0.8 per cent, with Brisbane, Adelaide and Sydney leading the nation with 1.5 per cent, 1.1 per cent and 1.1 per cent lifts respectively.

These cities recorded median values of $747,626, $682,642 and $1,098,821 respectively in August.

Perth’s annual growth in home values has outperformed every state and territory, with a 4.5 per cent lift compared to a 1.1 per cent decline nationally.

The latest data marked the sixth consecutive rise of home values nationally.

Source: CoreLogic

CoreLogic research director Tim Lawless said Sydney’s home values led the recovery since home values found a floor in January, with a 8.8 per cent lift since then.

“Brisbane has also posted a strong recovery with values up 6.2 per cent since bottoming out in February,” he said.

But Perth did not experience the same rate of decline as the eastern states, and its growth has been more stable.

“Perth home values were at record highs in August, following a relatively small decline of just 0.9 per cent from the July 22 peak to a trough in February,” he said.

“Perth housing values have been rising over the past six months, taking values 5.3 per cent higher since the February low point.”

REA Group’s PropTrack home value index showed Perth home prices were up 0.31 per cent in August, to $597,000, a new peak for the state.

The group said that so far this year, Perth’s home prices have increased by 6.22 per cent.

In regional WA, house prices fell by 0.62 per cent, PropTrack data showed.