Perth houses more expensive than everProperty prices in Perth have reached record highs, with the average house in the West Australian capital now selling for $510,000.

David Airey, president of the Real Estate Institute of WA (REIWA), said there had been a two per cent increase on the median price from the December quarter, beating the previous record of $505,000 set in March 2010.

Data for the March quarter indicated while the proportion of house sales in Perth under $500,000 had fallen there was a marked increase in sales between $500,000 and $1 million.

The state’s Office of State Revenue revealed in February the median purchase price for first home buyers was $425,000.

Last week, Australian Bureau of Statistics figures showed Perth had four of Australia’s five most advantaged suburbs, with people flocking to the booming state in record numbers.

Source: PerthNow