Perth house prices jumped by 3.3 per cent in the final three months of the year with the city the second hottest property market in the country.
The Australian Bureau of Statistics reported today that over the past 12 months, house prices in Perth climbed by 8.7 per cent.
Only Sydney, where prices rose by 4.7 per cent in the quarter to be 13.8 per cent higher over the year, is hotter than Perth.
Every other capital city apart from Canberra is enjoying property price increases faster than inflation.
Prices in Melbourne increased by 7.9 per cent through the year while in Brisbane they were up by 5.7 per cent.
However in Canberra prices lifted by 0.3 per cent in the quarter to be down by 0.3 per cent over the year.
The bureau estimates the total value of all Australian residential dwellings now stands at $5 trillion.
The mean price of residential dwellings lifted by $17,700 while there was a 37,300 increase in the number of dwellings.
The average price of Australia’s 9.3 million residential properties is now $539,400.
The bureau also reported a drop in the number of home loans taken out across Australia through December.
Loan numbers fell by 1.9 per cent with the number of loans for established homes dropping by 2.2 per cent.
In WA, loan numbers were down by 3.7 per cent in December after a 0.2 per cent decline in November.