The capital has lost its status as the nation’s fastest growing city for house prices, pipped by Adelaide and Darwin in January.
Perth’s house prices are no longer growing at the fastest rate in the nation, CoreLogic’s latest home value index shows.
In January, median values in the Western Australian capital were up 0.4 per cent to $809,870.
This marked a reduction from Perth’s December median of $813,016, which CoreLogic says represents a revision of its data.
Perth recorded the third fastest rate of growth last month, behind Darwin at 0.6 per cent (to a $502,632 median) and Adelaide at 0.7 per cent (to a $819,363 median).
In 2024, Perth consistently outperformed other states when it came to house price growth, to record an annual growth of 19.1 per cent.
This compared with a national home value index growth of 4.9 per cent last year.
According to CoreLogic, Perth’s house prices grew at a faster pace than any other cities for eight months of the year in 2024.
Brisbane, which is often seen as a similar market to Perth, recorded a 0.3 per cent increase in its home value index to a $893,592 median.
CoreLogic research director Tim Lawless said Brisbane and Perth have continued to record growth in home values, but there has been a clear and steady loss of momentum in these markets.
“Perth is now recording a slower rate of growth than Brisbane and Adelaide over the rolling quarter,” said CoreLogic's research director, Tim Lawless.
“In the June quarter of 2024, growth in Perth home values was 7.1 per cent, easing back to just 1.0 per cent growth in the three months to January.”
Sydney remains the most expensive capital, though its value dipped 0.4 per cent in January, to a $1.2 million median.
Melbourne’s housing market posted the most significant dip in values, to a median of $772,318.
Nationally, home values held steady to record a median of $814,293. This followed a 0.1 per cent decline in December.
