Trophy regional markets lose lustre as demand fizzles
A new report showed that regional lifestyle areas — particularly NSW and Queensland’s trophy markets — are now los...
More than 60 suburbs across the Perth region managed to record median house sale price growth during July, new data has revealed.
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 themarket 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.