Perth house prices soar 18 per cent in the last 12 months

03/10/2021
Perth house prices soar 18 per cent in the last 12 months

The Perth property market has recorded an annual growth of 18.1 per cent as of September 30th 2021 (Corelogic).

If you thought this was high consider this –  Perth recorded the second-lowest growth of all the capital cities.  Sydney came out on top at 23.6 per cent with Melbourne last placed at 15 per cent.

The chart below compares the housing growth and values across all the capital cities.

Annual Growth as of Sept 30 2021
House Growth House Median Unit Growth Unit Median
Sydney 23.6% $1,056,093 11.6% $824,860
Melbourne 15.0% $775,142 8.3% $619,443
Brisbane 19.9% $625,291 8.8% $430,000
Adelaide 19.1% $529,376 5.7% $367,079
Perth 18.1% $524,589 15.0% $398,502
Hobart 26.8% $659,622 31.1% $542,464
Darwin 20.2% $481,767 23.3% $353,158
Canberra 24.4% $838,904 11.6% $538,071
All Capitals 19.5% $759,753 10.4% $625,485

If you thought Perth’s property prices were crazy,  then think again!  Of all the major capital cities, Perth has the lowest median house price – showing how affordable Perth still is compared to the rest of Australia.

The median house price in Sydney is now $1.056M.  The median house price in Perth is $524,589 which is less than half of that of Sydney’s.

Many buyers have asked me whether they should delay buying a home until the market starts to soften.

My advice has always been that the growth in Perth is steady and sustainable and I cannot see us going backward in the foreseeable future.  If you were to wait a couple of years before buying, you may find that you could be priced out of the market.

If you would like to download the full report, please click here.

As always if you have any questions please feel free to give me a call.

Regards

Chris Pham
Licensed Real Estate Agent
Mobile: 0448 777 511