Positive signs for Perth property

Perth home prices have risen for the third straight month for the first time since 2014, according to the the latest CoreLogic home value index report.

Perth prices rose by 0.2 per cent for the month while rising 0.3 per cent for the three months to November.

Settled sales have risen 3.8 per cent for the year and sale periods have dropped from 68 days a year ago to 59 days.

“If this is indeed the start of a recovery phase in the Perth housing market, it comes after dwelling values have fallen 10.8 per cent since peaking in mid-2014,” CoreLogic head of research Tim Lawless said.  

CommSec senior economist Ryan Felsman said the report was good news for the Perth market.

“Perth home prices appear to have ‘bottomed’ as the drag from the mining downturn recedes. Prices have lifted for three straight months, the first time that’s occurred in 3.5 years,” he said

Perth prices are still down 2.6 per cent for the year with a median value of $463,026.

Around the rest of the country Sydney’s 1.3 per cent fall over the past three months is the biggest decline over a three month period since March 2016, while Melbourne’s rate of growth has slowed to 1.9 per cent over the past three months.

Overall national prices held steady for the month with a 0.1 per cent fall in capital city dwelling values offsetting a 0.2 per cent rise in values across the combined regional markets of Australia.