Perth strikes substantial growth in prices

By Gerv Tacadena | 02 Jul 2021

Perth's housing market recorded 7% growth over the first half of 2021, according to the latest report from CoreLogic and the Real Estate Institute of Western Australia (REIWA).

While values only grew by 0.2% over the past month, the cumulative growth for the past six months has been substantial.

Damian Collins, president of REIWA, said the smaller growth rate recorded in June is not surprising given the traditional winter slowdown. Still, Collins believed that the growth is encouraging.

"This will hold Perth in good stead as we transition out of winter and into the spring selling season in the coming months,” he said.

Data from REIWA showed that the median sale prices for houses in Perth was $510,000 in June. Around 84 suburbs, reported significant median house sale price gains over the month.

Parkwood (up 4.8% to $450,000), Booragoon (up 4.1% to $825,000), Merriwa (up 3.9% to $335,000), Quinns Rock (up 3.9% to $499,000) and Joondalup (up 3.2% to $525,500) were the top-performing suburbs during the month.

In terms of listing, 8,933 new properties were added to Reiwa.com at the end of June. This is 1% lower than at the end of May.

"We saw a small decline in listings at the end of June compared to May, but compared to three months ago, listings for sale have increased 8.1%. On an annual basis, stock levels remain 13.4% lower than they were at the end of June 2020,” Collins said.

Top Suburbs : penrith , newtown , canterbury , lalor park , greenwood

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