Perth Median House Price Now $500,000

With property prices in Perth set to achieve a record high, the median price for a house recently reached $500,000.
This median price level suggests that West Australians are gaining confidence in the market and choosing to invest, shunning pessimistic fears about the economy.

This sentiment was reflected in a consumer survey which indicated that West Australians are now more optimistic about the economy than they have been for the past two years.
The Real Estate Institute of Western Australia performed an analysis of residential property sales for the last quarter of 2012, showing that the median house price was $500,000. This was $5000 more than was previously expected and 6.4% higher than the level in 2011.
The rise was partly attributed to a greater number of sales of more expensive properties. However, the most sought after houses continue to fall within the range of $400,000 to $600,000.
Managing Director of Acton Real Estate, Graeme Baxter, explained that while some areas and price brackets had experienced good performance for some time, more solid sales results were now being enjoyed across the market.