Perth house price hits $500k

Perth property prices are on track to return to a record high, with the median house price hitting $500,000.

The median price, based on data from the Real Estate Institute of WA and the Chamber of Commerce and Industry, suggests West Australians have shrugged off doom-and-gloom fears about the economy and have waded back into the housing market.

It comes as a consumer survey shows West Australians are feeling their most optimistic about the economy for nearly two years.

Updated REIWA analysis of residential property sales for the last three months of 2012 shows the median house price has hit $500,000 – $5,000 higher than previously thought and 6.4 per cent higher than the same period in 2011.

Preliminary figures for 2013 indicate prices for the March quarter will “at least” equal the high of $505,000 set in the March quarter of 2010.

The rise is being fueled partly by an increase in sales of more expensive properties.

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