The pace of capital gains has continued to accelerate across Perth, with dwelling values up 1.8% in March which was the fastest rate of appreciation since September 2006.
Such a rapid pace of growth is seeing the market rapidly recover from the 22% peak-to-trough fall that ran between mid-20014 and mid-2019, followed by a 2.2% drop through COVID.
Local housing values are still 15.9% below peak levels, highlighting the relative affordability of the market.
The heat in the market is evident from our estimate of home sales over the March quarter, which is up 42% on last year’s numbers, while total advertised stock levels are down 23%.
Homes are selling in just 27 days on average, that’s the fastest rate of sale since 2014.
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