Knowledge Hub

Article by: Claire Tyrrell

Source: Business News

September 1, 2022

Perth’s home values have dropped by 0.2 per cent in August, representing the first dip since October last year, CoreLogic’s home value index shows.

While Perth’s home value index has dropped by 0.2 per cent in August, median home values have increased to $561,781.

CoreLogic’s latest home value index shows nationally, its home value index has dropped by 1.6 per cent in August, with national median home values dropping to $738,321.

Darwin was the only city that recorded an uplift in its home value index last month, rising by 0.9 per cent, with its median house price at $512,531.

Sydney dropped by 2.3 per cent, Melbourne decreased 1.2 per cent and Brisbane declined by 1.8 per cent.

Those cities showed a median house price of $1.06 million, $782,053 and $762,284 respectively.

Last month, Perth’s home value index lifted by 0.2 per cent while its median house price increased to $560,020.

The last time WA’s home value index dropped was in October last year, when it showed it 0.1 per cent dip.

Real Estate Institute of Western Australia data showed 56 Perth suburbs record median house price growth in August, with Maida Vale, Cooloongup, Hillarys, Southern River and Orelia the top performing suburbs during the month.

REIWA president Damian Collins told Business News Perth’s market was still extremely strong, despite the index dipping downwards.

“There’s no evidence yet that this is a trend and all we really see is the figures represent a monthly fluctuation,” he said.

“Sales numbers are still very good [and] median days to sell are still low.

“It doesn’t feel like prices are going backwards.”

REA Group’s PropTrack home value index showed a Perth’s index grew by 0.04 per cent in August, compared with a national decline of 0.39 per cent.