Perth property market breaks median house price record

Perth property market breaks median house price record
Perth’s median house price is continuing to rise, according to this report by The World Today on ABC Radio.

ELEANOR HALL: The mining boom may be past its peak but that hasn’t stopped the Perth housing market setting a new price record. The Real Estate Institute of Western Australia says a boost in sales close to the city has raised the median house price. That’s bucked the national trend, with a widely-watched private survey showing property price gains slowed in November. And welfare groups are welcoming a cooling in the WA rental market. In Perth, Caitlyn Gribbin reports.

CAITLYN GRIBBIN: If you thought house prices were high during the mining boom, think again. Even though resources investment has slowed, Perth’s just broken a property market record.

DAVID AIREY: If you’re a home buyer, that is you haven’t bought yet, you’re probably looking at this and thinking what is going to happen, when will I find enough money to purchase a property, but for those that have bought, I guess those people will be very happy that they’ve invested in the Perth property market.

CAITLYN GRIBBIN: David Airey is the president of the Real Estate Institute of WA (REIWA). He says Perth’s median house price is now at around $535,000.

DAVID AIREY: Yes, that is a record. The previous record was $525,000 in the June quarter.

CAITLYN GRIBBIN: So the median house price in Perth is now higher than it ever was during the so-called mining boom?

DAVID AIREY: That’s correct, in fact the peak during the mining boom was $515,000 so that’s well above that.

CAITLYN GRIBBIN: Nationally, home values edged slightly higher in November, after large rises early in the spring selling-season. RP Data says Perth and Sydney are the only two capitals where homes are selling for more than their previous peaks.

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