Perth housing market update [video] | April 2024

Last month's 0.6% lift in national home values marked the 14th consecutive month-on-month rise, taking the index 1.6% or about $12,000 higher in the March quarter.

Since declining 7.5% in the downturn between April 2022 and January 2023, the national home value index has increased by 10.2%, adding approximately $72,000 to the median value of a home and pushing to new record highs each month since November last year.

The national quarterly pace of growth accelerated from 1.4% in Q4 last year to 1.6% in Q1 this year.

Perth housing values have been on a rocket, rising by an average of 1.6% month-on-month since May last year.

The quarterly pace of growth at 5.6% has accelerated through the March quarter, recording the fastest increase in values since the three months ending April 2021.

In dollar terms, Perth housing is rising by approximately $37,000 a quarter.

The unit market recorded a slightly stronger outcome through Q1, with values up 6.2% compared with a 5.5% rise in house values.

The first time we've seen a faster quarterly rate of growth in unit values over houses since June 2021.

Though housing values are rising faster than at the end of last year, the quarterly trend has halved relative to the middle of last year when home values were rising at 3.3% quarter-on-quarter.

Rate hikes, cost of living pressures and worsening housing affordability are all factors that have contributed to softer conditions since mid-last year.

However, an undersupply of housing relative to demand continues to keep upwards pressure on home values despite these headwinds.

The monthly movements in housing values across our capital cities continue to be punctuated by diversity.

At one end of the spectrum, we have Perth, where housing values are up 1.9% over the month, followed by Adelaide and Brisbane with 1.4% and 1.1% monthly growth.

The remaining capitals are showing much lower rates of a change, although Melbourne is the only capital city to record a negative quarterly movement, down 0.2% over the first three months of the year

You may also want to read:

National Housing Market Update [Video] 

Adelaide Housing Market Update [Video]

Sydney Housing Market Update [Video]

Brisbane Housing Market Update [Video]

Melbourne Housing Market Update [Video]

About Tim Lawless Tim heads up the Core Logic RP Data research and analytics team, analysing real estate markets, demographics and economic trends across Australia. Visit www.corelogic.com.au