Perth house prices hit record high

Perth house prices hit record high 11 May 2022 Matthew Hughes Article by: The Property Tribune Source: Australia’s Financial Property News May 10, 2022 1.1% rise in April saw median dwelling house prices reach a record new high Previously, the market peaked in June 2014 So far this century, employment levels in mining and construction have correlated strongly with house price growth With headlines of the past week dominated by rising interest rates, and the beginning of a decrease in dwelling values across the eastern coast, it may come as a surprise that Perth’s property market has slowly reached a record new high. According to CoreLogic , a 1.1% rise in values through April took market values 0.9% higher than the previous record, from June 2014, at $552,128. This means it has taken 94 months for the Perth market to recover from its previous high. Since the pandemic, Perth’s dwelling values have risen by a cumulative 24.5% from June 2020 to last month. Index Median Dwelling Value Source: CoreLogic. It should be noted that Perth’s median dwelling have followed extreme cyclical movements in line with the nature of Western Australia’s boom and bust resource sector. House prices for e

With rising interest rates and the decrease in values across the eastern coast, Perth’s property market has slowly reached a record new high.

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