The city has continued to rise at a faster rate than any other capital, with a 2 per cent increase in CoreLogic’s index to a $773,335 median.
Perth house prices are continuing to increase at the fastest rate in the nation, with the median value hitting a new peak of $773,335.
CoreLogic’s latest home value index showed dwelling values in Perth increased by 2 per cent in July, outstripping the national increase of 0.5 per cent.
The city still remains relatively affordable, with a national median of $798,207.
The July results show a declining momentum in property price increases nationwide, with Melbourne, Hobart and Darwin all showing declines in dwelling values.
CoreLogic research director Tim Lawless said the mid-sized capitals of Perth, Adelaide and Brisbane bucked the slowing trend, largely due to low availability of supply.
“The number of homes for sale in Brisbane, Adelaide and Perth is more than 30% below average for this time of the year, while weaker markets like Melbourne and Hobart are recording advertised supply well above average levels,” he said.
Annually, Perth’s dwelling value has increased by 24.7 per cent.
Source: CoreLogic
REA Group’s Proptrack found that Perth home prices increased by 0.88 per cent in July, and by 35 per cent over 24 consecutive months of home price growth.
PropTrack found that Perth’s home values increased by 0.88 per cent to $736,000 in July.
The latest data follows the Real Estate Institute of Western Australia’s forecast that Perth’s median house price is on track to grow by more than 20 per cent this year.
REIWA chief executive Cath Hart said if the market continued on the current trajectory, Perth’s median house sale price could reach $740,000 by the end of the year.
“Demand remains strong, houses continue to sell in record time and prices keep rising,” she said.
“Currently, Perth’s median house price at the end of June was $668,000, already 11.3 per cent higher than at the end of December 2023 and 22.6 per cent higher than the previous peak of $545,000 set in 2014.”
