Perth’s house prices rebound for the second quarter in a row for the first time since 2014, a Domain's new report shows.
House prices edged up by 0.7 per cent to a median $537,013 in the December quarter, as revealed by the Domain House Price Report.
House prices were still down by 1.9 per cent for the year, making Perth the only capital city in the country besides Darwin that did not see year on year growth. Unit prices were down 2.1 per cent for the quarter and 0.5 per cent for the year to $342,708.
Two consecutive quarters of house-price growth is a positive sign, however, it is too soon to say if the market had reached its bottom.
House prices are 12.8 per cent below the 2014 high. It is a good buying opportunity for those looking to get into the market.
Real Estate Institute of WA said there were fewer properties on the market than there were this time last year, creating more demand from buyers.
Local government areas where house prices had risen included the inner areas of Perth, Subiaco and Nedlands, as well as Wanneroo in the north-east of the metro area, which grew by 0.2 per cent in the year to December 2019.
There are massive mining projects, Karratha’s got five or six years of unlimited work, the Pilbara is guaranteed to keep going up because of the mining recovery and Karratha has already moved and gone up quite a bit. Renewed mining activity, more jobs being created in the building and construction sector and an increase in the city’s population after years of decline, were all set to buoy the market.
This is the longest downturn in Australia's recorded history – about 63 months, It’s certainly the year of recovery in the Perth property market.
PERTH LOCAL GOVERNMENT AREAS WHERE HOUSE PRICES INCREASED
Perth - 6.30%
Canning - 5.20%
Subiaco - 5.20%
Nedlands - 4.10%
Cambridge - 0.80%
East Fremantle - 0.50%
Wanneroo - 0.20%
Source: Domain
Read the full report here.
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