House prices in the capital continue to outpace other states, after overtaking Melbourne last month.
Perth’s median house price has lifted to $797,184, as the Western Australian residential market continues to grow at a faster rate than its national counterparts.
The latest CoreLogic home value index shows that Perth recorded a 1.6 per cent increase in its dwelling values in September, while nationally the index rose by 0.4 per cent.
Perth now sits above Melbourne, Hobart and Darwin, and is fast approaching Adelaide, which has a $802,075 median.
Nationally, the median home value is $807,110.
Perth has consistently grown at a faster rate than other states, with CoreLogic reporting a 24.1 per cent increase in Perth home value index over the past 12 months.
This compares with 6.7 per cent growth nationally, 14.8 per cent in Adelaide and 14.5 per cent in Brisbane, over the 12 months to the end of September.
Sydney remains the most expensive capital, at a $1.19 million median, followed by Brisbane at $881,091 and Canberra at $844,882.
Nationally, the CoreLogic index rose by 1 per cent in the September quarter, which is the lowest quarterly increase since March last year.
Source: CoreLogic
CoreLogic research director Tim Lawless said the latest results reflected a slowdown in growth, as the volume of homes on the market gradually increases.
CoreLogic stated that the flow of new listings coming onto the market was 3.2 per cent higher than a year ago nationally and 8.8 per cent higher than the previous five-year average for this time of the year.
“The rise in real estate inventory is a seasonal trend, with spring and early summer one of the busiest periods of the year for selling,” Mr Lawless said.
“However, the flow of freshly advertised housing stock hasn’t been this high at this time of the year since 2021.”
REA Group’s Proptrack reported that Perth’s median value has hit a new peak of $754,000 in September.
