Perth prices still on the upswing

Strong market conditions reported throughout Perth, peak body says

Perth prices still on the upswing

Perth home values increased for the seventh consecutive month in June, according to new data from CoreLogic.

The analytics provider’s home value index for Perth increased 0.4% during the month, marking the seventh consecutive month of price growth. So far in 2022, Perth has seen home values grow 4%.

“Our members have reported strong market conditions throughout Perth and across all price points over the last 12 months, and that has particularly been the case for the first half of 2022,” said Damian Collins, president of the Real Estate Institute of Western Australia. “At the midway point of the year, REIWA’s 2022 calendar year forecast of 10% price growth is tracking well. As we move through the winter months, it is likely some heat will come out of the market – however, not enough to impact Perth’s overall growth trajectory.”

The suburbs posting the largest increase in median house sale price last month were Edgewater (up 3.3% to $620,000), Riverton (up 3.3% to $736,500), Kalamunda (up 2.8% to $735,000), Jindalee (up 2.4% to $640,000) and Padbury (up 2.3% to $655,000).

“Perth’s median house sale price is still the most affordable median of any capital city in the country,” Collins said. “While increases to the cash rate will have some impact on affordability, West Australians are very well positioned to manage these costs.”

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There were 8,541 properties listed for sale on at the end of June, a 2.6% increase from May.

“Listings for sale remain low,” Collins said. “Until listing volumes reach that 12,000-13,000 balanced market figure, competition among buyers will be high – especially as the state’s population increases.”

The median time it took to sell a house in June was 16 days, two days slower than May but three days faster than June 2021.

“While the median selling time was a couple of days slower than May, the June figure is still much lower than the 30-40 days we would typically see in a balanced market,” Collins said.