Home owners and tenants paid a little bit more for mortgages and rent.
Camera IconHome owners and tenants paid a little bit more for mortgages and rent. Credit: Supplied/Getty Images/iStockphoto

Property prices up in January

Natalie HordovWestern Suburbs Weekly

JANUARY delivered some long-awaited good news for the Perth property market with the latest data from CoreLogic showing a 0.1 per percent increase in dwelling values over the month and a 0.4 per cent increase over the past three months.

It was the first quarterly rise since May 2018.

Head of Research Tim Lawless said there was still some way to go before the market fully recovered with prices down 5.7 per cent over the past 12 months and 21.3 per cent below the peak five-and-a-half years ago.

PerthNow Digital Edition.
Your local paper, whenever you want it.

Get in front of tomorrow's news for FREE

Journalism for the curious Australian across politics, business, culture and opinion.

READ NOW

Darwin was in a similar situation with prices down 8.1 per cent over the year and 31.8 per cent below peak.

While these capital cities have a lot of ground to make up, Brisbane, Adelaide, Hobart and Canberra were at new record highs and Sydney only had to see prices increase 5.4 per cent to return to its previous peak, with Melbourne just 1.2 per cent below peak.

Source: CoreLogic.
Camera IconSource: CoreLogic. Credit: Supplied/Supplied

WA’s regional market also saw dwelling values increase in January, up 0.9 per cent, and was the second best regional performer for the month behind Tasmania with 1.3 per cent growth.

Prices are still 10.4 per cent lower than the same time last year and 37 per cent below peak.

Source: CoreLogic.
Camera IconSource: CoreLogic. Credit: Supplied/Supplied

National housing values increased 0.9 per cent in January and were up 6.7 per cent since finding a floor in June, but remained 2.2 per cent below the October 2017 peak.

“With housing values rising at the quarterly pace of 3.7 per cent, we are likely to see a nominal recovery in the national home value measure within the next two-to-three months,” Mr Lawless said.

Consumer confidence increases

More real estate news