PHOTO: Perth’s inner and coastal suburbs appear to be leading a nascent recovery in the city’s property market.ABC News: Gian De Poloni
House price gains in Perth’s inner and western suburbs have produced the first overall price growth for the city’s residential property market in 18 months.
Key points:
- House prices have risen for the first time in 18 months in Perth
- The price increase is being led by property sales in Perth’s inner and coastal suburbs
- An analyst says there are firm signs of a recovery in the property market
During November, prices rose by 0.4 per cent in the Greater Perth region, with a median value of $470,000 for houses and $335,000 for units.
That represents the first increase since April 2018, when prices began to deteriorate amid tighter credit conditions during the banking royal commission.
CoreLogic head of research Tim Lawless said while price growth was the culmination of a gradual improvement in market conditions, there were “firm signs” the nascent recovery would become something more substantial.
“The six months leading up to November were clearly showing that the trend in falling values was losing steam,” Mr Lawless said.
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