Perth Leads Housing Value Growth
CoreLogic’s May Home Value Index showed the16th consecutive month of growth and the largest monthly gain since October last year.
Perth home values were up 2% in May, the largest increase in any capital city. According to CoreLogic, in dollar terms, the increases in Perth, Adelaide and Brisbane are the equivalent of the median dwelling value rising by more than $12,000 month-to-month in each city.
Low stock levels continue to drive growth, with listings for sale in Perth down more than 40% compared to the five year average for this time of year. Fresh listings are being absorbed rapidly by market demand, keeping stock levels low and upwards pressure on prices according to CoreLogic research director Tim Lawless.
And if you do find a property, you need to act fast, with recent Domain data showing that houses in Perth sell the fastest out of any capital city in Australia, spending an average of 30 days on market.
Source: CoreLogic
Perth Suburbs Moving UpPopulation growth, a constrained building industry and challenges in the rental market continued to increase property prices throughout May, with numerous suburbs recording more than 2% growth. Stirling took out first place, with median house sale prices growing 2.9% to $1,080,000. Beckenham and Bertram both experienced 2.7% increases over the month. House prices rose to $585,500 and $554,500 respectively. Forth place for May went to Armadale, prices jumping to $445,500, a 2.4% rise over the month. Secret Harbour rounded out the top performers, with 2.2% growth to $670,000. Nedlands, Craigie and Butler also deserve a mention. They all managed to record growth of at least 1.9% during May. |
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Property Spotlight The team at Resolve Property Solutions purchased 15 properties throughout May, with an impressive 80% of these being secured either pre or off market. Here’s a small sample of the properties purchased during the month: |
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What’s Happening In The Perth Property Market?
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