Perth houses prices rebound

The Perth housing market rebounded in August as the nation’s capital cities enjoyed their strongest winter since 2007.

Figures from RP Data-Rismark released today showed house values in Perth lifted by 0.4 per cent to be up 0.8 per cent over the quarter.

Despite the improvement, values this year are down by 0.6 per cent. Over the past 12 months, house values in Perth are tracking with inflation, up by 3.2 per cent.

It was a different story for units, with values dropping by 0.9 per cent although so far this year they are still up by 3.8 per cent.

Nationally, the love affair between Sydneysiders and homes continues with values there jumping by 2.2 per cent.

Over the past three months house values in Sydney have jumped by 5 per cent to be 17.2 per cent higher over the past 12 months.

Elsewhere, values increased by 0.7 per cent in Melbourne (up by 12.4 per cent this year), by 0.4 per cent in Brisbane (5.8 per cent higher since the start of the year) and by 2.4 per cent in Adelaide (up by 6.4 per cent this year).

RP research director Tim Lawless said this year had delivered the strongest capital gains for a winter since 2007.

He said prices were likely to go up even further in coming months.

“Considering the ongoing high rate of auction clearance rates, a generally rapid rate of sale and the ongoing low interest rate environment, it’s likely that dwelling values rise even further over the next three months,” he said.

“Consumer confidence is also moving in the right direction now after the post-Budget slump which will add fuel to the exuberant buying and selling conditions we have seen during winter.”

The Reserve Bank board meets tomorrow with markets and analysts unanimous in expecting no move in interest rate settings.