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.