The city has again outpaced other capital cities to reach a new peak house price.
The median house price in Perth has tipped above $700,000 for the first time in history, as the city continues to outperform other capitals in its rate of growth.
CoreLogic’s latest home value index reported a 1.9 per cent growth in March to reach a median of $703,502.
The city has outshone other capitals for the eighth consecutive month.
The March figure would have been Perth’s strongest monthly gain in three years, but a revision to CoreLogic’s February data showed home values grew by 2 per cent that month.
Perth's annual growth of 19.8 per cent has far exceeded that of other states, with a national annual growth of 8.8 per cent.
During the last quarter, Perth’s home value index growth of 5.6 per cent was its strongest in almost three years, since a 6 per cent uplift in the three months to April 2021.
Nationally, CoreLogic recorded a 0.6 per cent growth in its home value index in March, with Adelaide and Brisbane following Perth with 1.4 per cent and 1.1 per cent growth respectively.
Perth remains the third most affordable capital however, behind Hobart with a median value of $649,097 and Darwin at $498,433.
Nationally, median home values are $772,730 and for the capital cities, they are $848,475.
Darwin was the only capital to record a decline in values, with a 0.2 per cent slide in CoreLogic’s index in March.
Source: CoreLogic
CoreLogic research director Tim Lawless said home prices continued to rise nationally, despite economic headwinds.
“At one end of the scale we have Perth’s housing market where values were up 1.9 per cent over the month, followed by Adelaide and Brisbane with 1.4 per cent and 1.1 per cent growth,” he said.
“The remaining capitals are showing much lower rates of change, although Melbourne is the only capital city to record a negative quarterly movement, down 0.2 per cent over the first three months of the year.”
REA Group’s Proptrack found that Perth recorded an 18.62 per cent growth home values in the 12 months to March 31, its strongest price growth on record.
In March, REA Group reported Perth’s growth at 0.99 per cent, to a median value of $660,000.
