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Perth’s property market showed signs of a slight improvement in June with a 1.4% increase in home values.
The CoreLogic Hedonic Home Value Index, released today shows that despite the small monthly increase, house prices were stable at 0.1% in the three-months to June.
The small pick-up is still down 1.7% on the same time last year, with Perth’s median property price now sitting at $484,000.
The local rental market remains subdued, falling 8.3% over the past year.
Nationally, property prices across all capital cities increased 1.8% in June, countering the 1.1% fall in May.
But CoreLogic head of research Tim Lawless says although the June quarter results were 0.8% higher, it was the slowest quarterly growth rate for capital cities since December 2015.
“This trend towards lower capital gains across the combined capitals index is mostly attributable to softer conditions across the Sydney housing market, where quarter-on-quarter growth was recorded at 0.8% over the June quarter; down from 5.0% over the March quarter,” Lawless says.
“In contrast, the quarterly trend in Melbourne has been more resilient, with growth easing from 4.2% over the March quarter to 1.5% over the three months ending June.”
Lawless says mortgage demand remains strong, despite several softening indicators.
“The reasonably steady level of valuation events suggest buyers remain active, despite higher mortgage rates, and are potentially shopping around as credit conditions tighten,” he says.
Source: Nicole Cox