Business News
New data has shown Perth’s median home values passed $900,000 for the month of November as it continues to close the gap to $1 million and lead the nation in price growth.
The latest home value index report released by Cotality demonstrated Perth’s strength in house price growth, increasing by 2.4 per cent to reach $914,229.
Every capital city, except the two largest Australian cities, posted house price growth above the national average of 1 per cent for November.
Sydney and Melbourne showed mild growth of 0.5 per cent and 0.3 per cent respectively.
Cotality head of Australian residential research Eliza Owen told ABC News this morning that Perth’s growth was due to a number of factors.
“We’ve actually seen double digit increases across the Perth market, both in 2024 and now it’s going to be finishing strong in 2025 up about 13 per cent over the past 12 months,” she said.
“It comes back to a deficit of supply where listings volumes across Perth are about 40 per cent lower than where they would usually be this time of year, based on a historic five-year average.
“We’ve seen really strong interstate migration to Western Australia for the past few years, strong jobs growth, and that’s been met with constrained supply.”