The average value of a Perth home is advancing to a new all-time high.
Amid the dramatic slowdown in Australian prices and rising interest rates, new PropTrack data shows that mid-priced home hunters looking for a home or unit hit $ 537,000 in June, a 0 , 12 percent more during this month.
PropTrack estimates that this level is below Perth’s record high of $ 540,000, set in mid-2014, before significant falls for fears that the mining investment boom would be over.
June data, reported by The West Australian, revealed the resilience of Perth property as other major cities lost ground.
Camera Icon While Australia’s residential real estate market is experiencing its strongest price slowdown in 30 years after colossal growth in 2021, Perth stocks continue to rise. Credit: The West Australian
While Adelaide (0.42% growth in June), Hobart (0.26%) and Darwin (0.08%), Sydney fell 0.40% and Melbourne 0.61%.
Since the onset of the COVID pandemic in March 2020, Perth home values have soared north by 27.1 percent.
PropTrack economist Paul Ryan told The West that the key engine for people heading west was economic growth led by our resource sector.
“The Perth market more than any other seems to be running at the pace of its own drum,” he said.