Perth's red-hot property market is showing no signs of slowing down, with suburbs across all price ranges experiencing rapid capital growth increases. Perth’s capital growth outpaced all capital cities in the past year and is 11 per cent above national average, achieving a record dwelling median of $703,502, with no sign of a slowdown.
Since the onset of Covid, property prices in Perth have increased 56 per cent, or by a median $253,624, with the ongoing upward trend buoyed by high immigration, low supply, and despite growth, ongoing affordability.
CoreLogic’s March Home Value Index recorded a monthly, quarterly and annual dwelling value rise nationally of 0.6, 1.6 and 8.8 per cent, but for the same periods, fast-paced Perth values grew more than all capitals at 1.9, 5.6 and 19.8 per cent.
Median house and unit values are between $100,000 to $150,000 lower than national averages ($833,854, $640,162), where Perth’s record house median is $735,276 and for units $495,360.
Compared to Sydney’s median $1.4 million, Perth is a remarkable $680,000 less, and almost $200,000 less than Melbourne’s $900,000, and lower than Canberra and Brisbane by $228,000 and $175,000 respectively.