Perth misses out on house price boom across the country

Font size :

High demand coupled with tight supply are fuelling a solid rise in house and rental prices, according to the June quarter edition of the Mortgage Choice/Real Estate Institute of Australia Real Estate Market Facts.

Melbourne properties were the best performers in the three months ending June with the median house price jumping by 10.2% to $420,000. Brisbane followed closely with a healthy 6.2% increase in the median price to $366,250. Sydney edged slightly higher but Perth prices fell by 3.8% to $466,500.

The rental market in Darwin topped the charts in the same period, producing the country's highest rental gain for a two-bedroom home: a massive 36.4%. The city has also overtaken Canberra with the highest median rent for a three-bedroom house at $395 per week.

Rental properties in Canberra and Sydney remained in hot demand with a two-bedroom home fetching $330 per week. Adelaide remains the cheapest city to rent a property, at a median rent of $250 per week for a three-bedroom house and $200 for two-bedroom dwellings.

Graham Joyce, president of Real Estate Institute of Western Australia, said the price increases across the country are hitting the pockets of both homebuyers and renters hard. "While rent increases offer the prospect of improved yields for investors, attracting more investors back into the housing market, the price increases will continue to put pressure on rents."

Vacancy rates have also tightened across the country, led by Darwin with a vacancy rate of just 1.2%, less than half the industry vacancy rate benchmark of 3.0%. Adelaide vacancy rates stood at 1.3%, Melbourne and Sydney at 1.4% and Brisbane at 1.5%.

With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now

Mortgage News and Articles

How to tell when a housing market is cooling How to tell when a housing market is cooling

You need to check clearance rates, listings, and the price gap, among other factors Read more

Growing demand for green apartments in Sydney Growing demand for green apartments in Sydney Both owner-occupiers and investors favour eco-friendly buildings for their energy-saving features and reduced environmental footprint ... Read more

Are property investors as rich as they appear? Are property investors as rich as they appear? A multi-property portfolio doesn’t guarantee easy millions ... Read more

Be proactive about getting a better mortgage deal Be proactive about getting a better mortgage deal Apathy could be costing you a considerable amount of money over the lifespan of your loan ... Read more

More mortgage news and articles

Sponsored Links

Monday, Sep 25, 2017
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords