November 1, 2012
Perth house prices managed to buck the trend of other state capitals where house prices have declined slightly in the past month.
According to RP Data-Rismark Home Value index results for last month, the eight capital city aggregate index fell by -1.0 per cent in October.
Perth and Darwin were the only two capitals to have recorded increases.
House prices in Perth increased by 0.4 per cent in October and Darwin by 4 per cent.
Like most capital cities, Perth house prices have continued to rise over the past three months.
The increase in WA was 0.7 per cent, following Darwin at 1.5 percent and Adelaide at 1.3 per cent.
RP Data senior research analyst Cameron Kusher said Perth’s housing market performance this year could be an indicator that after lower prices in the past five and a half years, the market may be recovering.
“With rents rising strongly, there is clearly no lack of demand for housing,” he said.
Mr Kusher said Perth’s position for October was not a new one.
“In 2005/2006 the rest of the market was not performing well and Perth was extremely strong,” he said.
Mr Kusher said while Perth’s market would always be influenced by how the resources industry was going, he expected prices to continue to increase steadily into next year.
“I’d say there will be growth in-line with income growth or inflation.”
Read more: http://www.watoday.com.au/wa-news/october–a-good-month-for-perth-homeowners-20121101-28lox.html#ixzz2AxF4jO91