Solid marks for Perth property in new RP Data report
PERTH’S property market has had a good end-of-financial-year report card from property analyst RP Data.
PERTH’S property market has had a good end-of-financial-year report card from property analyst RP Data.
It wasn’t the best performer of the capital cities and it wasn’t the worst, but the latest figures from the RP Data Rismark Hedonic Home Value Index shows Perth dwelling values performed solidly in the 2013-14 financial year.
Total dwelling values have lifted 1.2 per cent in the past month, the figures show.
Units performed particularly well in the past month with 3.2 per cent value growth while house values rose 1.2 per cent.
While the new data backs recent reports of a slowing market, Perth property values have increased overall since this time last year.
Total dwelling values have dropped 0.1 per cent since the start of the year but are up 5.2 per cent on June 2013.
House values have fallen 0.3 per cent since the start of the year but are up 5 per cent on last year.
Units have continued to rise over the past 12 months; up 8.9 per cent on this time last year.
Perth’s median house price for the June quarter, based on sales settled over the period, was $515,200.
The median unit sales price was $440,000.
The total rental yield for houses over the year was 4.2 per cent and the total rental yield for units was 4.7 per cent.
RP Data senior research analyst Cameron Kusher said the results showed demand for Perth property had slowed in the past six months.
“The market is nowhere near as strong as it was 12 months ago,” Mr Kusher said.
“Values have dropped 0.1 per cent over the first six months.
“Compare that to the six months before or the first half of 2013; values rose 4 per cent in the first six months of 2013.
“Our data has shown sales volumes are down as well.”