The West Australian
Perth’s property market is defying every expectation, rising about $4000 a week in a nation-leading hike in May, according to the latest Cotality Index.
Data from the real estate analytical firm shows Perth dwelling prices grew 1.5 per cent last month to hit a median value to $1,050,354, which was the biggest hike of any capital city in the nation.
Australian housing has confirmed its multi-speed economy, with 0.1 per cent combined capital city median price drop last month, including falls of 0.9 and 0.8 per cent in Sydney and Melbourne, and increases of 0.9 per cent rise in Brisbane and Hobart and 0.5 per cent in Adelaide.
Regional WA led the nation with a monthly boost of 1.9 per cent over the month – which was more than three times the national regional increase of 0.6 per cent. Units in regional WA were the biggest price-earners, growing at an astonishing 3 per cent.
Perth’s increase comes despite widespread expectations of a slowdown in the market, amid an anticipated exodus of investors from the market following changes in the Federal Budget.