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Perth tops field for house price growth

PERTH had the fastest growth in house prices of any state capital city in 2004 according to ABS statistics released last week. The statistics show that, during 2004, house prices in Perth rose by 8.9 per cent, compared with an Australian average of 2.7 per cent. Master Builders Association director of housing and economics Gavan Forster said the growth was a combination of supply and demand factors. “Demand for housing was very strong due to strong immigration levels and a buoyant economy,” he said. “Perth homebuyers have continued to experience healthy capital gains by investing in bricks and mortar, and we expect further growth in house prices in 2005.” House prices remained static in Sydney and fell by 1.5 per cent in Melbourne over the same period.

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