Perth Home Market Recovering Fast
The Perth property market is recovering at a rapid rate, with new statistics indicating a marked rise in Perth’s median home price.
The Bendigo Bank-Real Estate Institute released its quarterly summary of house prices, which indicated a growth of 3.3% in the December quarter, lifting the median house price in Perth to $495,000.
Perth is not the only Australian capital city that has achieved an increase in home prices. The median price of a house in Melbourne increased by 7.8% to $550,000, while Hobart’s homes experienced a price rise of 7.4% to $365,000.
Sydney is still Australia’s most expensive capital for home ownership, with the median house price increasing by 2% to $656,000.
In some parts of Australia renting is very difficult. Perth’s vacancy rate is just 1.9% and Sydney’s vacancy rate is similar.
Dennis Bicecrt, of Bendigo and Adelaide Bank, said that houses were becoming more affordable as a result of low interest rates. He added that now was a good time for families to buy a home and for some, buying was currently more affordable than renting.