The latest figures from Real Estate Institute of Western Australia shows strong price growth for Perth’s housing market, indicating that the capital city is currently tracking the road to recovery.
For the quarter ending in June, median home price in the Western Australia capital sat at $520,000, up 1% from the preceding quarter and up 2% of from the same period last year.
The improvement is also apparent in the unit market, which grew 4.99% to $419,500 over the same quarter.
Raine & Horne Cannington principal Tim Chant observed that there has been a surge of buyers looking for properties in the city, particularly in Cannington, Southern River and Victoria Park.
Cannington, specifically, is less than 15 kilometres south of the central business district. The accessibility of these areas is but one of many reasons why inquiries for properties in the area continues to balloon.
"There’s a lot of good news about the return to form of WA’s mining sector, and how this will positively influence the jobs market in Perth. More jobs are always good news for real estate values and yields," Chant said.
For Chant, if lenders eased lending criteria, prices in Perth would accelerate at a faster pace. Chant also noted of housing affordability as a main driver or prices.
"There is a decent bang for the buck in inner southern Perth, which illustrated by a magnificent family home at 10 Codrington Street, Southern River, which is selling for $650,000," he said.