Perth Housing Values Hit Record High
A recent CoreLogic report revealed Perth has experienced the highest increase in housing values across the nation over the past year. Additionally, housing values in Perth are currently at a record high. Perth recorded a 1.3% increase for May, bringing the annual increase to 2%.
Demand is being driven upwards by Western Australia’s affordable housing, strong economy, low cost of living and high wages. Supply however, is declining. Usually, more properties are listed for sale than are sold each week according to REIWA. Yet for the past two months, weekly sales have been higher than new listings. Both total listings and new listings are down by over 26% for Perth, compared to the same period last year.
Nationally, the time it takes to sell a property is on a downward trend. Perth has the fastest selling properties however, with a median of only 18 days on market in the three months to May. This is significantly faster than the national median of 33 days. Some suburbs sell in seven days or less, so buyers need to act fast or they miss out.
Perth also remains one of the best performing rental markets in the nation, being second only to Darwin. With 4.9% gross rental yields for the month of May, investor activity and interest continues to grow, further driving demand higher. Persisting conditions of high demand and low supply indicate the Perth property market will maintain its upward trajectory.
Source: CoreLogic
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What’s Happening In The Perth Property Market?
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