Perth House Prices Still Australia’s Most Affordable
While house prices have risen across the country, Perth values haven’t kept pace.
While house prices have risen across the country, Perth values haven’t kept pace.
While Australia’s east coast has seen rapid price growth in recent times, Perth, with its median house price of $525,000 in February, is the most affordable capital city in Australia according to the latest data from Real Estate Institute of Western Australia.
REIWA President Damian Collins said the record housing boom made the east coast expensive.
“In Sydney and Melbourne, their median house sale prices sit above $1 million, pushing the dream of homeownership out of reach for many people,” Mr Collins said.
“We are lucky that owning your own home is still attainable for most people in Perth.”
According to REIWA, the WA suburbs that recorded the biggest median house sale price growth during February were Mount Nasura (+3.1% to $490,000), Nedlands (+2.1% to $2.1 million), Meadow Springs (+2% to $430,000), Hammond Park (+1.9% to $525,000) and Hammersley (+1.8% to $565,000).
According to REIWA there were 7892 properties for sale on reiwa.com, which is the same level seen in January and 13% lower than the end of November 2021.
It took 16 days to sell a property in February, the same as January and three days faster than February 2021.
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After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter
The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.
After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.
Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.
All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.
“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”
Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.
Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.
Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.
“As a result, buyers are still expected to be less committed until the dust has settled,” he said.
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
This stylish family home combines a classic palette and finishes with a flexible floorplan