Perth price nation’s third lowest

Tuesday, 20 March, 2001 - 21:00
HOUSE prices in Australia rose 2.4 per cent between September 2000 and December, while in WA house prices rose 2.1 per cent during the quarter bringing prices up 6.1 per cent over the year.

The highest increase was in Melbourne, which increased 9.7 per cent over the quarter, while Darwin, Sydney, Adelaide and Hobart lost ground.

Perth established house prices are still the third lowest in the country.

Since 1989-90, Perth’s established market has risen 33 per cent, Darwin’s prices have almost doubled and Sydney and Melbourne house prices have risen about 60 per cent each.

The competitiveness of the WA building industry has meant Perth project homes have risen only 26 per cent during the past decade – much of which can be attributed to the GST which added 9.3 per cent to the cost of a new home – and compares favourably to the national average of a 35 per cent increase.

During the December quarter, however, prices were showing early indications of slowing down.