Perth property outperforms other capital cities
According to the latest RP Data-Rismark home values index, the price of property across Perth increased by one per cent for the month of May.
The modest rise in Perth’s property values for the month of May defied the national trend, with home values across the country down by 1.1 per cent in May excluding Hobart, where property values increased by 3.4 per cent.
The rise in Perth’s property values reflected an overall increase of 1.7 per cent over the past three months, in contrast to a decline of 0.3 per cent nationally.
Measuring the trend in home values so far this year shows prices have increased by 2.9 per cent, an improvement of 6.9 per cent over the past year.
This means that the Perth property market has outperformed the rest of the country.
RP Data revealed that average weekly house rents in Perth have risen by 8.9 per cent in the past year, while unit rents have increased by 8.3 per cent.