House prices in the state’s capital continue to outperform the national rate of growth.
Home values in Perth have risen above $840,000 after a 1.1 per cent rise in Cotality monthly index in the state’s capital.
Median dwelling values in Perth reached $841,928 in August, rising at a faster rate than the national values of 0.7 per cent.
Cotality (formerly CoreLogic)data shows median values across the country are $848,858, with Sydney leading the charge at a $1.22 million median.
Brisbane recorded the highest growth in dwelling values in August, at a 1.2 per cent increase to $949, 583.
Annually, Darwin exceeded the other capitals with a 17.6 per cent increase in median dwelling values in the 12 months to August 31.
But that city remains the most affordable in the nation at $553,131.
Source: Cotality
Nationally, home values rose at their strongest rate since May last year.
Cotality research director Tim Lawless said dwelling values across the country had consistently increased since the February interest rate reduction.
“Once again we are seeing a clear mismatch between available supply and demonstrated demand placing upwards pressure on housing values”, he said.
“The annual trend in estimated home sales is up two percent on last year and tracking almost 4 per cent above the previous five-year average.
“At the same time, advertised supply levels remain about 20 per cent below average for this time of the year.”
Every Australian capital recorded an increase in dwelling values except for Hobart, which had a 0.2 per cent dip in its index to a $680,315 median.
“The mid-sized capitals are once again leading the growth trend, with Brisbane and Perth recording the highest monthly gains,” he said.
“Adelaide wasn’t far behind with a 0.9 per cent lift in values.
“Darwin has also recorded a solid gain, with a 1.0 per cent rise in August, taking values 10.8 per cent higher through the first eight months of the year, by far the highest year-to-date gain across the capital cities.
“It seems that investors are willing to look through the volatile history of Darwin housing trends, with investors attracted to the low price points and high yields.”
REA Group’s Proptrack index recorded a 0.6 per cent increase in Perth’s median dwelling values index to $865,000 in August.
