Perth house prices jump in June
Perth house values have enjoyed their biggest jump of the year, lifting by 1.1 per cent through June.
RP Data-Rismark reported this morning that dwelling values nationally were up by 1.4 per cent through last month after a 1.9 per cent drop in May.
In Perth, despite the strong June values were only up by 0.7 per cent through the quarter and are down by 0.3 per cent since the start of the year.
Over the past 12 months, Perth values are now up by 5 per cent. By contrast, values in Sydney - which lifted by 1.2 per cent in June - are up by 16.2 per cent over the past year.
The values of Perth units also jumped strongly last month, up by 3.2 per cent. Despite the strong month, values for units fell by 0.7 per cent over the quarter.
Over the past year, values for Perth units are up by 8.9 per cent.
RP's Tim Lawless said there had been some seasonal volatility in house prices across the country.
"The recent reduction in capital gains is likely a correction from the strong market conditions reported over the first quarter of the year," he said.
"The slowdown in dwelling value appreciation will be a welcome relief to policy makers and those seeking to buy into the housing market."
The Reserve Bank board meets today with markets and analysts expecting official interest rates to remain steady at 2.5 per cent.
Mr Lawless said house prices were unlikely to edge down.
"With interest rates remaining low for the foreseeable future, it is doubtful that housing values will start to slide, at least not at a macro level," he said.
"What is more likely is that natural affordability constraints will start to dent buyer demand."
