Perth's property market is experiencing one of the most dramatic growth surges in the nation, with new data revealing home values are increasing at an astonishing rate of approximately $5000 per week.
Unprecedented Growth in Perth Housing Market
According to the latest figures from property data firm CoreLogic, Perth's housing market shows no signs of slowing down. The city recorded a remarkable 2.8 percent growth in April alone, maintaining its position as the strongest performing capital city property market across Australia.
This sustained growth has pushed Perth's median dwelling value to $718,634, representing an impressive 21.9 percent increase over the past 12 months. The current monthly growth rate translates to homes gaining approximately $20,000 in value every four weeks, or around $5000 weekly.
What's Driving Perth's Property Boom?
Several key factors are contributing to Perth's red-hot property market. The city continues to experience strong demand from interstate and overseas migration, creating sustained pressure on housing supply. This population growth, combined with limited housing stock, has created perfect conditions for rapid price appreciation.
CoreLogic's research director, Tim Lawless, noted that while Perth's growth rate remains exceptional, there are early signs the market might be approaching its peak growth rate. "Perth's housing values are still rising at the fastest pace of the capital cities, but there are some early indications the market is losing steam," Mr Lawless stated.
The data shows that while Perth's growth was 2.8 percent in April, this represents a slight slowdown from the 2.9 percent recorded in February. Despite this minor deceleration, the market continues to significantly outpace other Australian capitals.
National Context and Future Outlook
Across Australia, the property market showed varied performance. While Perth led the nation with 2.8 percent growth, Adelaide followed with 1.6 percent growth, and Brisbane recorded 1.5 percent. In contrast, Melbourne's market remained flat with 0.1 percent growth, while Sydney saw a modest 0.4 percent increase.
The national home value index rose by 0.6 percent in April, marking the 15th consecutive month of growth. However, the rate of growth has slowed from the recent peak of 1.1 percent recorded in November last year.
Looking ahead, experts suggest that while Perth's market may be approaching its peak growth cycle, the fundamental drivers of strong demand and limited supply continue to support ongoing price increases. For homeowners, this represents significant equity growth, while prospective buyers face increasingly challenging market conditions.
The sustained growth in Perth's property values reflects broader economic trends, including population movements, construction constraints, and economic conditions that continue to favor Western Australia's capital city in the national property landscape.
