Rate rises can’t stifle Perth gains

By Grace Ormsby 03 August 2022 | 1 minute read

More than 60 suburbs across the Perth region managed to record median house sale price growth during July, new data has revealed.

Perth new arial spi

According to the latest data analysis from the Real Estate Institute of Western Australia, a total of 65 suburbs saw gains over the month, leading president Damian Collins to consider the PerthPerth, TAS Perth, WA market as “still tracking along well”.

He stated: “The Perth market typically slows in winter, so it’s pleasing that when we drill down to suburb level, a large number are still seeing growth — especially considering the three recent interest rate rises.”

All in all, Perth recorded a 0.2 per cent increase to its home value index, according to the latest numbers from CoreLogic.

Mr Collins noted that the city “is one of the few capital cities in the country that has seen continued growth in home values since the Reserve Bank of Australia made the decision to increase the cash rate”.

He added that the state’s strong economy, growing population and affordable housing put them “in a much better position to manage the increased costs of servicing a loan than our east-coast counterparts”.

“We’re also experiencing a housing and labour shortage simultaneously. We have low stock levels and properties are not being built quick enough. For as long as this remains an issue, competition amongst buyers will remain high and prices will continue to rise,” he outlined.

The stand-out suburb for the month of July was Brabham, which recorded gains of 10.1 per cent — and led to the suburb reporting a new median house price of $333,750.

Taking out the second spot this month was Alkimos, where the average property price is now $371,250 — an increase of 4.6 per cent.

Lakelands (up 4.1 per cent to $385,000), Banksia Grove ( up 3.7 per cent to $420,000) and North Perth (up 3 per cent to $865,500) rounded out the top five for July.

According to REIWA, Gosnells, Hammond Park, Southern River, Kelmscott, and Langford were also top performers over the month.

About the author

Grace Ormsby

Grace Ormsby

Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and... Read more

Rate rises can’t stifle Perth gains
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