Perth records first monthly dwelling value increases in two years: CoreLogic

Perth records first monthly dwelling value increases in two years: CoreLogic
Perth records first monthly dwelling value increases in two years: CoreLogic

Perth has emerged from the doldrums following its long residential property decline after the mining downturn to record increases in values over the month of November, according to CoreLogic.

Dwelling values grew 0.4 per cent over November, the first time the Western Australian capital has seen values grow since the start of 2018 when the downtrend took a pause. 

But the big surprise was the Sydney surge, the highest monthly boost in three decades.

Sydney's housing market is on track to recoup the 15 per cent loss in prices suffered during the 18-month downturn by next March, even earlier than last month's CoreLogic forecast.

Sydney surged 2.7 per cent in November, the highest monthly growth rate since 1988, while Melbourne property values grew by 2.2 per cent, according to the latest CoreLogic Home Value Index.

Perth records first monthly dwelling value increases in two years: CoreLogic

Perth house values grew by 0.4 per cent and units by 0.3 per cent, CoreLogic's figures show.

Perth dwelling values are still down just over 21 per cent since they started their decline in mid-2014.

Perth records first monthly dwelling value increases in two years: CoreLogic

"Over the past thirteen years, Perth has seen house values move from being the most expensive across the capital cities to now be the lowest; great news for first home buyers, however Perth home owners have seen a material reduction in their wealth over the past five and a half years," CoreLogic's head of research Tim Lawless noted.

Perth values are 7.7 per cent down annually and 20.6 per cent down over the last five years.

 

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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