Perth’s median house price rockets to historic high amid rental crunch - By The West Australian

It’s never been more expensive to get into the housing market in Perth with median prices smashing through the $700,000 barrier for the first time.

A new report from Domain puts the new median price for a home in Perth at $713,811, a three per cent jump since June, when the median was $692,933.

Prices in Perth’s housing market have jumped substantially with the cost of buying a home now 10 per cent more expensive than it was a year ago when the median price was $646,326.

The WA capital — which recorded its steepest annual increase since 2021 — and Adelaide are the only cities to record new record medians.

The report said Perth house prices have grown at about twice the rate of other capital cities, with the national median over the last quarter sitting at only 1.9 per cent. The annual median price grew 5.1 per cent.

The report claims the positive flow of net interstate migration, record levels of overseas migration and Perth having Australia’s tightest city rental market all contributed to the increase.

“House prices rose over the September quarter to another record high, although quarterly growth did ease marginally,” the report read.

“However, annual gains continue to gather pace following four consecutive quarters of a rise. It is the steepest annual increase since mid-2021, hitting double-digit growth. Perth is one of only two capital cities with record house prices, along with Adelaide.”

The market for buying a unit has also been strong with Perth and Adelaide showing the steepest gains, increasing 3.3 per cent over the quarter and 4.2 per cent over the year. The median price now sits at $379,347.

The strongest growth was for house prices was in Parmelia, with costs jumping 20.8 per cent to median of $392,000.

This was followed by units in Bullsbrook, which grew 20.7 per cent to $525,000; Leederville houses, which grew 19.6 per cent to $840,000; units in Churchlands, which grew 18.3 per cent to $1,420,000 and units in Osborne Park — up 18.1 per cent to $257,000.

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By The West Australian