Perth property prices percolating: ABS

Perth house prices have been confirmed as the fastest rising in Australia despite the widespread slowdown across the state’s resources sector, according to official figures released by the Australian Bureau of Statistics today.

The ABS said home values were up 3.4 per cent for the June quarter in Perth, taking the year’s gain to 11 per cent.

The next closest capital was Sydney, which recorded a 2.7 per cent gain over the June quarter for a 6.1 per cent yearly rise.

Nationally, home values were up 2.4 per cent for the quarter, and 5.1 per cent for the past 12 months.

The ABS figures follow separate reports released last week which provided contrasting estimates of Perth home values.

Figures released by the Real Estate Institute of Western Australia indicated Perth house prices fell 1 per cent for the June quarter, while analyst RP Data’s showed dwelling values rose by 4.6 per cent.

REIWA said the Perth median house price was $520,000, while RP Data said it was $510,000.

Those reports were preceded by Australian Property Monitors’ quarterly look at home values, which was released late last month.

APM put the median house price at more than $584,000, up 3.2 per cent on the previous quarter for a yearly gain of 7.5 per cent.

APM, which releases separate estimates for houses and units, said unit values were up 9.3 per cent over the year to June, and 2.5 per cent in quarter.