Perth’s home prices may seem crazy, but we are still the most affordable in Australia

06/08/2021
Perth's home prices may seem crazy, but we are still the most affordable in Australia

The latest data from CoreLogic show that Perth remains one of the most affordable places to purchase a home in Australia.

Many buyers have been concerned at the rate of increase in home prices; however, if we compare Perth to the rest of Australia, our price gains have been very modest.

In July, Perth recorded a 0.3% increase in home values, compared to Sydney and Brisbane at 2%,  most other states home values increased between 1.3% – 1.7%.

In the past three months, Perth recorded a 1.6% increase in house prices, while the other capital cities recorded between 4.6% – 8.2%.

If we look at the past 12 months, Perth has recorded a 10.8% increase in house prices, while other capital cities recorded between 10.4% – 23.4%.

Perth’s house price increases are the lowest of all the capital cities and I feel that this rate of growth is sustainable.

For buyers, it may feel that the Perth property market is crazy, but compared to the rest of the country – Perth still is the most affordable place to buy a home.

Australian House Prices – Change in Values

State Past Month Past 3 Months Past 12 Months
Perth 0.3% 1.6% 10.8%
Sydney 2.0% 7.7% 18.2%
Melbourne 1.3% 4.6% 10.4%
Adelaide 1.7% 5.3% 15.7%
Hobart 1.7% 8.2% 21.9%
Darwin 1.7% 5.2% 23.4%
Canberra 2.6% 6.9% 20.5%

 

Hope to see you out and about at home opens.  Make sure you say hi!

Regards
Chris Pham
Licensed Real Estate Agent
Mobile: 0448 777 511