The median house price has climbed to more than $800,000 for the first time in history, CoreLogic data shows.
Perth median homes values have reached more than $800,000 for the first time in history, but the rate of growth has slowed in the past month.
CoreLogic’s latest home value index shows Perth’s median value reached $804,621 in October, up by 1.4 per cent in the month to October 31.
The rise has brought Perth closer to the national median of $809,849, as the Western Australian capital continues to grow at a faster rate than any other state.
In September, Perth’s home value index grew by 1.4 per cent to $797,184.
Sydney remains the most expensive capital, with a $1.12 million median value, followed by Brisbane at $883,357 and Canberra at $850,223.
Nationally, home values increased by 0.3 per cent in October.
This compares with an annual rise of 6 per cent and quarterly increase of 0.9 per cent.
CoreLogic research director Tim Lawless said growth in the affordable segments of the market was a theme across the capitals.
“A combination of less borrowing capacity and broader affordability challenges, as well as a higher-than-average share of investors and first home buyers in the market is the most likely explanation for stronger conditions across the lower value cohorts of the market,” he said.
“The past three months has seen the lowest quartile either record a higher growth rate or smaller decline relative to the upper quartile or broad middle of the market across every capital city except Canberra.”
Source: CoreLogic
Mr Lawless attributed a slowdown in house price growth nationally to a rise in listings.
“Total listings are now 13.2 per cent above the previous five-year average in Sydney and 13.0% per cent higher in Melbourne,” he said.
“Despite the rise in listings across the mid-sized capitals, Perth, Adelaide, and Brisbane are still seeing advertised stock levels more than 20 per cent below the five-year average for this time of the year.
“These markets remain well and truly in favour of sellers, although the balance is starting to gradually improve.”
REA Group’s Proptrack recorded a 0.32 per cent rise in median home values in October, to $773,000.
Growth forecast
Recent data from the Real Estate Institute of Western Australia showed that Perth’s median house sale price was on track to grow by 25 per cent this year.
The institute predicted the median sale price could reach $750,000 by December.
REIWA chief executive Cath Hart unit sale prices were forecast to exceed $500,000.
“Demand for property in Perth remains strong as both houses and units continue to sell quickly which has seen the continued growth in prices,” she said.
“Perth’s median house sale price at the end of September was $707,000, already 17.8 per cent higher than at the end of December 2023 and 29.7 per cent higher than the previous peak of $545,000 set in 2014.
“The median unit sale price is also at a record high, reaching $470,000 at the end of September. It is currently 14.1 per cent higher than at the end of 2023 and 4.4 per cent higher than the previous record of $450,000 set in 2014.”
