- Perth quarterly median prices rose back above the $500K mark, according to REIWA
- Prices last peaked in 2014, bottomed out in June 2020, and have been rising since
- Perth property is still some way off its all-time peak, but is heading in that direction
As The Property Tribune wrote last week, there has been a lot of talk about Perth’s continuing property boom, which had some commentators predicting it would soon hit new highs.
We are some way off that yet, but the latest quarterly data from the Real Estate Institute of WA (REIWA) has the median price rising back above the psychological barrier of $500,000 for the first time since June 2018.
“The Perth property market continued its strong recovery in April.
“It’s a testament to the strength of our local market that even with the Easter and Anzac public holidays, as well as another lockdown during the month, that prices continue to rise.”
Damian Collins, REIWA President
The Perth property market had been in decline for six years, from 2014 onwards, and seems to have bottomed around June last year. It has been recovering strongly since then.
Perth Median Price ‘bottoming out’, 2016-2021
Perth’s median price hit $500,000 for the first time in March 2010.
For there, it rose to cross the $550,000 mark in September 2013, where it remained, peaking in 2014 at $551,500. After that, it was on a steady slide downwards, as the mining boom ended and the local economy went into reverse post-2013.
Perth Median Price: the last peak, 2010-2015
The return of higher commodity prices saw the local economy rebound in 2020, feeding into confidence in the property market, once the worst of the pandemic seemed to be over.
Will we see the likes of $550,000 again this year or next?
We could, but to do so, the market will need to rise another 10% from here. It’s not impossible, but as was argued last week, predicting is a mug’s game, and we’ll leave that to others.
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