Perth defies the national trend as home prices are still rising…

Perth defies the national trend as home prices are still rising.

In the Perth metro area, 65 suburbs had an increase in the median house sale price in July.

REIWA, stated that the Perth market was continuing progressing well and that a sizable number of suburbs had experienced price growth this month.

When we drill down to the level of suburbs, we find that many are still experiencing increase, which is encouraging given that the Perth market normally slows in the winter, according to REIWA.

CoreLogic's index of housing values states: in July, the Perth home value index from CoreLogic rose 0.2%.

Since the Reserve Bank of Australia decided to raise the cash rate, home values have continued to rise in only a few capital cities across the nation.

Western Australia is in a far better position to manage the higher expenses of loan servicing than our east-coast peers because of its robust economy, expanding population, and reasonably priced property.

We're also dealing with a simultaneous labour and housing deficit. Low stock levels and sluggish construction of new homes are also problems. As long as this is a problem, there will be fierce rivalry among purchasers, which will result in higher pricing.

Rental listings

At the end of July, there were 2,277 rental properties listed on reiwa.com, which is constant compared to June and 14.7% less than July 2021.

To discuss the right strategy to sell or home or investment property call The Contessi Group 0484 222 220.