Pressure On Perth Housing Market
CoreLogic’s August Home Value Index is good news for Perth homeowners as the city’s median dwelling value has continued to grow, this time surpassing Melbourne.
In August, home values in Perth rose 24.4% year-on-year to a median value of $785,250. For the same period, Melbourne’s prices have declined 1.0% to a median value of $776,044.
According to REIWA CEO Cath Hart, the Perth property market is experiencing extraordinary conditions, with no signs of easing in the short term.
“At the moment there is clearly the appetite for, and ability to, buy property and it will take a significant change in demand or supply to ease the pressure in the established homes market,” she said.
CoreLogic’s September Housing Chart Pack analysed 3,655 suburbs across Australia over the three months to August, with almost 30% of these in decline. Melbourne and Sydney had the biggest share of suburbs in decline. Perth, however, saw increases in home values for the three months to August for all 302 suburbs analysed.
Spring selling season is good news for Perth homebuyers as the number of listings should increase, however, the pressure on the Perth property market remains high and values are likely to continue to grow.
Source: CoreLogic
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Property Spotlight The team at Resolve Property Solutions secured 12 properties in August, with almost 70% either pre or off market purchases. Here’s a small sample of the properties purchased during the month: |
What’s Happening In The Perth Property Market?
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