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Perth property prices surpass Melbourne

Broadcast United News Desk
Perth property prices surpass Melbourne

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The Kwinana local government area had the biggest annual rise in house prices, up 31.4 per cent to a median of $638,651, followed by Gosnells (up 29.7 per cent to $703,809), Armadale (up 29.4 per cent to $685,328) and Swan (up 29.2 per cent to $721,201).

Serpentine-Jarrahdale, Rockingham, Cockburn and Canning all saw increases of more than 20 per cent.

National home values ​​rose 0.5% in August, marking the 19th consecutive month of increases in home values.

Capital growth remained mixed across cities, with the largest monthly increase in Perth (2 per cent), followed by Adelaide (1.4 per cent) and Brisbane (1.1 per cent), while Sydney rose just 0.3 per cent.

Four capital cities recorded falls in house prices in August: Canberra (-0.4%), Melbourne (-0.2%), Darwin (-0.2%) and Hobart (-0.1%).

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Ray White chief economist Nerida Conisbee said listing authorisations – the number of homes sellers sign up to sell with a Ray White agent before the property is advertised – were very strong in WA heading into spring.

“There’s a lot of property coming onto the market, which is great news for buyers,” she said.

Mr Owen said demand for housing in Perth continued to outstrip supply, with total listings down more than 40 per cent on the five-year average.

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