Australian housing values increased a further 1.6% in July, according to CoreLogic’s national home value index.The latest rise takes housing values 14.1% higher over the first seven months of the year and 16.1% higher over the past twelve months.
CoreLogic's research director, Tim Lawless, described the market as strong, but losing steam.“ The 16.1% lift in national housing values over the past year is the fastest pace of annual growth since February 2004, however the monthly growth rate has been trending lower since March
this year when the national index rose 2.8%.”
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Perth values plateau
CoreLogic data shows the Perth home value index lifted 0.3 per cent in July and is up almost 11 per cent over the last 12 months. Even though the rate of growth has slowed down, it is reassuring to see there has still been price growth, which will put Perth in a strong position as we enter the spring selling season.
REIWA.com data shows the Perth median house sale price in July was $520,500.
The suburbs to record the biggest increase in median house sale price during July were Spearwood (up 3.3 per cent to $485,000), Kingsley (up 3.1 per cent to $620,000), Leda (up 2.9 per cent to $300,500), Success (up 2.8 per cent to $521,000) and Greenfields (up 2.8 per cent to $297,500).
This is great news and it's pleasing to see representation from the more affordable end of the market in the top performing price growth suburbs. The Perth market recovery is widespread and occurring across all price points.
The the median time to sell a property in Perth was 17 days in July compared to 44 days a year ago.
How has your property performed over the past 12 months?
With an average 11% price growth over the past 12 months and tapering growth, many potential sellers are trying to pick the top of the market. That time may be fast appraoching.
If you're just curious about how the value of your home or investment property has increased, or are thinking of selling, just contact me for a no-nonsense appraisal. Send me the address of the property and you'll receive within the hour a written opinion.
For a more in-depth appraisal send me the details and contact you to arrange a time to inspect the property.
0412 427 877